BNP closes second special opps debt fund with €90m
BNP Paribas Asset Management has announced the first closing of the BNP Paribas European Special Opportunities Debt Fund II with €90m (£75.78m).
The fund of debt funds has a target size of €300m, and is open to institutional investors and family officers who wish to gain exposure to special situations in Europe.
It offers capital drawdowns and a maturity of eight years. It is targeting an internal rate of return of between 12 and 15 per cent by investing in six to eight private debt funds.
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“BNPP ESO II is a testament to the success of our first fund,” said Claire Gawer, head of the fund platform – private assets division at BNP Paris Asset Management.
“It is designed to benefit from a very attractive market environment with continued European banks downsizing their portfolio of non-core corporate loans, refinancing of leveraged companies, and secondary market dislocations.”
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The fund aims to capitalise on the “strong sourcing capacity and portfolio construction know-how of BNPP AM Private Asset’s Fund Platform”, the asset manager added.
The private assets team has an 11-year track record in private debt fund selection and investment, and manages and advises more than €16bn in private assets. BNPP AM Private Assets has assets under management and advisory of €40bn.
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