BNP Paribas Asset Management Alts awarded additional $600 million SRT mandate by Arizona State Retirement System
Communication: for media use
For professional investors
BNP Paribas Asset Management Alts, the largest alternatives asset manager in Europe and a global leader with c.$345 billion (€300 billion) of assets under management, today announces it has been awarded a $600 million investment mandate by the Arizona State Retirement System (‘ASRS’) for its Significant Risk Transfer strategy (‘SRT’ or ‘The Strategy’). This follows a $400 million investment in April 2024 in The Strategy, bringing the total commitment since inception to $1 billion.
This latest mandate is consistent with ASRS’s ongoing strategy to allocate to diversified, private market credit investments primarily in the U.S. and Europe.
SRT investing aims to provide investors with direct access to banks’ core performing assets while offering banks an efficient way to manage their regulatory capital requirements. BNP Paribas Asset Management Alts has a 25-year track record in SRT investing, having closed nearly 150 trades over this time.
Deborah Shire, Deputy Head of BNP Paribas Asset Management Alts, commented: “We are delighted to grow our partnership with ASRS through this additional mandate, and thank them for their continued trust in investing for their scheme members. As investors seek opportunities beyond direct lending strategies, SRT offers decorrelation and resilience. The SRT market has continued to grow and diversify, with c.40 banks issuing and a volume of $15 billion in the first six months of 2026. Notably, over 70% of this volume comes from European banks.”
An early mover in the asset class, ASRS continues to find the asset class compelling, particularly when considering it relative to other credit opportunities on a global basis.
Al Alaimo, Deputy Chief Investment Officer at Arizona State Retirement System, commented: “The SRT market continues to present an attractive investment opportunity which we find compelling from a risk-return perspective. This latest allocation forms an important part of our broader credit asset class portfolio, which is focused on private market investments that we believe could generate returns which achieve our long-term objectives and diversify the total fund.”
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Notes to editors
All figures as of June 2026. Based on BNPP AM internal data analysis.
About BNP Paribas Asset Management Alts
BNP Paribas Asset Management Alts (BNPP AM Alts) is the alternative investments platform of BNP Paribas Asset Management. It is the largest alternatives asset manager in Europe and a global leader, with approximately €300 billion in assets under management across Real Estate, Infrastructure, Alternative Credit and Private Equity. With more than 30-year track record, BNPP AM Alts has built a reputation as a pioneering and innovative asset manager, combining an entrepreneurial investment culture with strategic discipline.
BNPP AM Alts finances the real economy by providing equity and debt to help companies to expand by developing, managing and financing infrastructure and buildings essential to economic growth.
Sustainability is at the core of our investment decision-making processes, with a particular focus on decarbonization.
About BNP Paribas Asset Management
BNP Paribas Asset Management, the asset manager of BNP Paribas, ranks third among European players[1] and first in long-term savings in Europe[2]. With over €1.7 trillion in assets under management[3], it provides institutional, corporate, retail and wealth clients worldwide with a broad range of liquid and alternative investment solutions, supported by a global network of local experts across 35 countries[4].
Our expertise covers fixed income, high-conviction active strategies and a growing ETF offering, totaling over €1 trillion in assets[4], alongside a global top-10 alternative platform[5]. With over 30 years of experience and approximately €300 billion in assets under management, this platform spans real estate, infrastructure, alternative credit and private equity.
BNPP AM aims to set a new standard in asset management by harnessing scale, deep expertise, and long-term capital access to deliver sustainable and resilient outcomes for clients and the economy.
1 Source: IPE 2026 and companies’ financial communication as of 31/12/2025.
2 Source: ranking based on assets under management (AuM) as of 31 December 2024 for internal and external insurers and external pension funds (global AuM for European asset managers; European AuM for non-European asset managers).
3 Source: BNPP AM, as of 30 June 2026. Assets under management including assets under advisory.
4 Source: BNPP AM, as of 31 March 2026. Number of countries including Joint Ventures.
5 Source: BCG, based on Assets under Management as of 31 December 2024.
Disclaimer
Private assets are investment opportunities that are unavailable through public markets such as stock exchanges. They enable investors to directly profit from long-term investment themes and can provide access to specialist sectors or industries, such as infrastructure, real estate, private equity and other alternatives that are difficult to access through traditional means. Private assets do, however, require careful consideration, as they tend to have high minimum investment levels and may be complex and illiquid.
This press release and the information included herein is intended exclusively for use by journalists or other members of the media acting in their professional capacity. It is intended solely to provide them with general information and enable them to have an overview of the funds described herein for the purposes of their own independent editorial. It may relate to funds that are not authorised for distribution in the country in which it is being issued. It does not constitute an offer or solicitation, nor may it be treated as such in any jurisdiction in which such an offer or solicitation is against the law or to anyone to whom it is unlawful to make such an offer or solicitation. The opinions expressed here are the views of the author and do not constitute investment advice. This is not a recommendation to purchase, sell or subscribe to financial instruments, an offer to sell investment funds or an offer of financial services. This press release is as dated. This is for information purposes only. No financial decisions should be made on the basis of the information provided. Past performance is not necessarily representative of future results: performance is not constant over time and the value of investments may fall as well as rise. BNP Paribas Asset Management assumes no liability whether direct or indirect that may result from using any information contained in this document. In no circumstances may BNP Paribas Asset Management be held liable for any decision taken based on this information.
AXA IM and BNPP AM are progressively merging
AXA IM and BNPP AM are progressively merging and streamlining our legal entities to create a unified structure
AXA Investment Managers joined BNP Paribas Group in July 2025. Following the merger of AXA Investment Managers Paris and BNP PARIBAS ASSET MANAGEMENT Europe and their respective holding companies on December 31, 2025, the combined company now operates under the BNP PARIBAS ASSET MANAGEMENT Europe name.