BNP Paribas Asset Management has made a first close of its European Special Opportunities Debt Fund II at €90m.
The strategy aims to enable institutional investors and family offices to capture special situations in Europe. This second vintage takes the form of a fund of debt funds, with capital drawdowns, a maturity of eight years, and a target size of €300m.
Classified as Article 8 under SFRD, the fund aims to capitalise on European private markets. This second vintage targets a Net IRR of 12-15% by investing in 6 to 8 private debt funds. It also aims for a high target yield and low idiosyncratic risk.
Claire Gawer, Head of the Fund Platform – Private Assets division at BNP Paris Asset Management, said: “BNPP ESO II is designed to benefit from a very attractive market environment with continued European banks downsizing their portfolio of non-core corporate loans, refinancing of leveraged companies, and secondary market dislocations.”
