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BNP Paribas launches €30bn private equity push

Source: ft.com

TL;DR

BNP Paribas launches private equity arm to invest up to €30bn in unlisted companies over 10 years.
Targets sectors like healthcare, industrials and technology to diversify from traditional banking.
Aims to capture growth in private markets amid rising demand from wealthy clients.
Positions bank as major player in Europe's €3.7tn private equity landscape.

The story at a glance

France's largest bank by market value, BNP Paribas, is entering private equity with a dedicated unit, seeking to tap booming investor interest in unlisted assets. This move, announced amid surging private market fundraising, marks a strategic push beyond lending and advisory services.

Key moments & milestones

2024: BNP Paribas announces BNP Paribas Principal Investments, a new private equity arm with €30bn deployable capital over 10 years.
Recruits Jean-Pierre Mustier, ex-Unicredit chief, to lead the unit.
Builds on existing investments, including €5bn already committed to private equity.
Plans first fundraise in 2025, targeting institutional and high-net-worth investors.

Signature highlights

The €30bn war chest will focus on buyouts, growth capital and secondaries in Europe and North America, with 20-25% earmarked for impact investing.
Complements BNP's €250bn private assets under management, leveraging its client network of wealthy individuals and institutions.
Europe's private equity dry powder hit €3.7tn at end-2023, with fundraising up 17% year-on-year.

Metric	Figure
Total deployable capital	€30bn (10 years)
Existing PE commitments	€5bn
Europe PE dry powder	€3.7tn

Key quotes

"Private equity is a natural extension of our franchise." - Jean-Laurent Bonnafé, BNP Paribas chief executive.

"We want to be a leading player in this fast-growing market." - Jean-Pierre Mustier, head of BNP Paribas Principal Investments.

Why it matters

BNP Paribas's entry intensifies competition in Europe's private equity arena, where banks like HSBC and Deutsche Bank are also expanding, potentially accelerating dealmaking in a high-interest-rate environment. It signals banks' pivot towards fee-generating asset management to offset squeezed lending margins. Watch for the 2025 fund close and early deals, which could redefine how European banks chase alpha in illiquid assets.