BNP Paribas carves out direct PE arm

The spinout, Isatis Capital, is headed by former BNP Paribas PE managing partner Brice Lionnet. A document dated 28 June, made public by both parties, details how BNP Paribas PE will retain the funds-of-funds management business while Isatis will take over the direct funds previously managed by the bank's private equity arm.

A number of BNP Paribas investment arms have spun out over the years, including Azulis Capital, which is due to start raising a new fund in 2014. Other former members of the BNP private equity family include Banexi Ventures Partners, Euromezzanine and Orkos Capital. The fund administration team of BNP Paribas PE is still providing services to the various spin-offs, according to its website.

French banks and insurance companies have been busy carving out their private equity divisions in the past decade. Most recently, insurer Groupama sold an 82% stake in the two funds managed by its private equity arm Acto Capital to investment company Luxempart and secondaries specialist Five Arrows Managers at the end of last year. Luxempart also took a 20% stake in the management company, which subsequently span off and was renamed Ekkio Capital.

Prior to this in 2012, Coller Capital finalised the acquisition of Crédit Agricole Private Equity, which was then renamed Omnes Capital.

 

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