– BNP Paribas Asset Management Alts Alts (BNPP AM Alts), Europe’s largest alternative asset manager with about €300bn AUM, announced the final close of Prime Capital Partners I (PCP I), its first fund dedicated to GP stakes through the PRIME unit.
– PCP I closed above its €400m fundraising target, reaching about €540m in investor commitments, reflecting strong demand for the GP stakes strategy and BNPP AM Alts’ differentiated approach.
– The fund represents the largest GP stakes fund raised to date by a European manager.
– The investor base includes a diverse group of blue-chip international limited partners such as insurance companies, pension funds, banks and funds of funds.
– Through its GP Stakes strategy, BNPP AM Alts acquires minority equity stakes in leading General Partners, focusing on mid-market firms across private equity, private credit and infrastructure.
– The strategy aims to accelerate GP growth through strategic partnerships and operational support, leveraging the broader BNP Paribas platform and relationships with AXA.
– Gilles Dusaintpère, Head of GP Stake Investments at BNPP AM Alts, highlighted strong interest from limited partners alongside anchor investor AXA, recognizing the firm’s platform strength and differentiated proposition.
– The GP Stakes team has completed six investments so far in high-performing GPs across multiple strategies, asset classes and geographies.
– PCP I aims to build a portfolio of approximately 10 to 12 investments over the life of the fund.
