BNP Paribas Asset Management is launching an evergreen private credit fund open to the wealth market.

The BNP Paribas Alternative Strategies – Diversified Private Credit Fund is structured as a European Long Term Investment Fund (ELTIF).

ELTIFs are an EU regulation designed to encourage individuals to invest in long-term assets. The second iteration of the regulatory vehicle – dubbed ELTIF 2.0 – came into force in January, enabling more flexibility and a wider range of eligible investments.

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The French asset manager’s new fund – which is open to both institutional and individual investors – will fund European corporate and real assets debt in infrastructure and commercial real estate, offering quarterly liquidity.

It said that the fund will leverage on BNP Paribas bank’s extensive origination network in the Eurozone.

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“We are proud to be amongst the first market players to participate in the new ELTIF market with an offering that is very diversified across the wide range of private debt investment opportunities, and fully leverages our broad private credit platform as well as privileged access to the wider BNP Paribas Group leading franchises in European credit markets,” said David Bouchoucha, head of private assets.

BNP Paribas Asset Management’s private asset division has €40bn (£33.5bn) of assets under management and advisory.