BNP Paribas Asset Administration has introduced the primary closing of the BNP Paribas European Particular Alternatives Debt Fund II with €90m (£75.78m).
The fund of debt funds has a goal dimension of €300m, and is open to institutional traders and household officers who want to achieve publicity to particular conditions in Europe.
It provides capital drawdowns and a maturity of eight years. It’s focusing on an inner charge of return of between 12 and 15 per cent by investing in six to eight non-public debt funds.
Learn extra: BNP Paribas closes third European non-public debt fund
“BNPP ESO II is a testomony to the success of our first fund,” mentioned Claire Gawer, head of the fund platform – non-public belongings division at BNP Paris Asset Administration.
“It’s designed to profit from a really enticing market setting with continued European banks downsizing their portfolio of non-core company loans, refinancing of leveraged firms, and secondary market dislocations.”
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The fund goals to capitalise on the “robust sourcing capability and portfolio development know-how of BNPP AM Personal Asset’s Fund Platform”, the asset supervisor added.
The non-public belongings crew has an 11-year observe document in non-public debt fund choice and funding, and manages and advises greater than €16bn in non-public belongings. BNPP AM Personal Belongings has belongings underneath administration and advisory of €40bn.
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