BNP Paribas, Northern Lights to partner

BNP Paribas Investment Partners has acquired a minority stake in US-based Northern Lights Ventures, a private equity firm focused on the institutional asset management industry. The French bank will invest in its private equity fund, which currently has a portfolio of 10 US boutiques with $2bn in assets under management. BNP is though to be investing close to $50m, likely to be enough for a further five to 10 deals.

The move comes as Northern Lights Capital Partners reportedly prepares to make its first investment outside the US, with the acquisition of a UK boutique with £486m under management.

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