BNP Paribas Securities Services has been chosen to provide depositary and global custody services for the newly established Growth Fund Germany.
The fund, a significant aspect of the German Government and KfW Capital’s Future Fund, recently announced a final closing of over €1 billion.
It aims to boost financing for start-ups and small to medium enterprises (SMEs), fostering growth in Germany and across Europe.
Predominantly financed by private and institutional investors, the fund represents a collaborative effort between government and private sectors, focusing on market-oriented cooperation.
BNP Paribas, in partnership with Universal Investment, will be responsible for custodianship of the entire fund structure in accordance with the German Capital Investment Code.
Their role includes managing institutional investors’ subscriptions and investing in private capital target funds and other assets.
Thorsten Gommel, head of Germany, Austria, Netherlands & Nordics, Securities Services, BNP Paribas, said, “Private markets assets and the corresponding fund structures place special demands on custodians.
“We are happy to contribute our expertise in this area to the success of the Growth Fund Germany, helping to lay the foundation for innovative and economic growth in Germany and Europe.”
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