BNP Paribas Asset Management Alts (BNPP AM Alts) has raised US$722m (β¬627m) for its debut infrastructure secondaries fund.
The Prime Diversified Infrastructure Fund I has held a first close, raising capital from insurance companies and pension funds in Europe, Asia-Pacific and North America.
BNPP AM Alts said its infrastructure secondaries strategy β which forms part of a wider β¬29bn infrastructure platform β invests in core-plus infrastructure assets with a strong focus on the midβmarket segment in Europe and North America. The strategy involves primarily secondary transactions, but can include co-investments.
The fundβs capital is approximately 80% committed with 14 investments diversified across sectors and regions, with a bias towards Europe and the mid-market segment.
BNPP AM Alts said that the advanced deployment rate of the fund and continued support from anchor investors meant it expected to launch a successor fund in the coming months.
JeanβPascal Asseman, head of infrastructure at BNPP AM Alts β Prime, said: βWe are delighted with the significant interest received from a highβquality and diversified group of investors, which enabled us to reach a successful final close.
βThis achievement reflects the attractiveness of our strategy, the depth of our sourcing capabilities, and investorsβ continued confidence in our disciplined investment approach within the infrastructure secondaries market.β
Faraz Qureshi, head of infrastructure secondaries at BNPP AM Alts β Prime, said the debut fund βpositions us well to capitalise on compelling opportunities available in a rapidly expanding infrastructure secondaries marketβ.
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