BNP Paribas closes €500m debt fund

Structured as a European Long Term Investment Fund (ELTIF), the vehicle is aimed at providing long-term financing to unlisted companies, SMEs and infrastructure projects.

Strong demand from investors resulted in the fund reaching its target of €500m at first close, BNP Paribas said in a statement. The European Investment Fund (EIF) contributed to the conception and final close of the fund.

Investors
The fund attracted a range of European institutional investors, including insurers and pension funds, such as AG2R La Mondiale, BNP Paribas Cardif, CNP Assurances, ERAFP, Federal Finance Gestion, La France Mutualiste, Groupama, MACIF and MAIF, as well as the BNP Paribas Group and EIF.

Investments
BNP Paribas European SME Debt Fund will focus on European enterprises, with a special focus on France, Belgium and Italy.

The fund will finance small- and medium-sized businesses through a mix of bank lending and fund financing. It will invest mainly in senior secured debt, with its offering combining a medium-term bank loan of around five years, with a long-term loan provided by the fund, lasting between 7-10 years.

The fund's capital is expected to be deployed across 100-150 SMEs in small-to-mid-cap transactions.

People
BNP Paribas Investment Partners – David Bouchoucha (head of institutional); Laurent Gueunier (head of alternative debt management).

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