BNP Paribas Asset Management Alts’ latest Agility private equity co-investment strategy exceeds target by raising almost €1 billion
BNP Paribas Asset Management Alts (‘BNPP AM Alts’) today announced that it has exceeded initial fundraising targets for the second in the series of its ‘Agility’ private equity co-investment funds, having received over €960 million of commitments at the final closing of its BNP Paribas Agility Co-Invest Fund 2 (‘Agility 2’ or the ‘Strategy’).
This final close reflects strong demand from a broad and global investor base. Institutional investors and private investors, supported by BNP Paribas Wealth Management, alongside a €300 million commitment from BNP Paribas, each represented around one third of the total funds raised, reflecting a strong alignment in interests.
Launched in 2024, Agility 2 invests in European mid-cap companies across a broad range of industries and geographies, providing diversification and well-balanced deployment. It aims to capitalise on the substantial flow of qualified co-investment opportunities generated by BNPP AM Alts’ extensive primary fund ecosystem.
The Strategy participates in leveraged buyout (LBO) transactions through co-investments alongside leading European private equity firms, with individual investments ranging from €10 million to €50 million. It provides capital solutions to GPs throughout the entire investment lifecycle, from co-underwriting transactions to post-signing syndications.
Its objective is to build a diversified portfolio of approximately 50 companies. As of the end of May 2026, around €400 million of the capital committed had already been deployed, with 27 completed transactions.
These include opportunities across DACH, France and Italy, as well as Spain, Benelux and the UK, with a focus on mid-cap companies that offer a wide range of exit options and strong operational value creation potential.
Surpassing initial fundraising targets, the successful final close underscores the growing demand amongst institutional and private investors for diversified private equity solutions in Europe.
Demand for the Strategy remained strong despite recent macroeconomic volatility, seeing significant inflows in 2026, and amidst a prolonged challenging fundraising period for the private equity sector.
Lionel Gomez and Damien Fournier, co-heads of Agility Co-Invest strategy at BNPP AM Alts’ Private Equity team commented: “The success of this fundraising round marks an important milestone for the strategy and highlights our commitment to providing strong investment solutions to a broad range of investors. The Strategy aims to offer strong diversification, a high selectivity and a strong alignment of interests with BNP Paribas. The strong appetite seen throughout a period of market volatility and complexity reflects both confidence in the asset class and in Agility team’s established track record of delivering liquidity and strong risk-adjusted returns across market cycles.”
Pascal Christory, Head of Private Equity at BNP Paribas Asset Management Alts added: “As the private equity market enters a new era demanding selectivity, speed and conviction, we are thrilled with the continued success of the BNP Paribas Agility strategy. This oversubscription to the Strategy speaks to our demonstrated capacity to raise and deploy capital in the European mid-market buyout space, one of our high conviction markets where we possess long-established networks and specialised expertise.”
The investment identified does not represent all of the investments purchased, sold, or recommended for the strategy. There is no guarantee that the investment we make were or will be profitable. Developments of the past offer no guarantee and are no indicator for any future returns or trends.
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Notes to editors
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 (BNPP AM) is the asset manager of BNP Paribas, a leading banking group in Europe with international reach. Among the top three asset managers in Europe1, the firm manages over €1.6 trillion2 in assets for institutional, corporate, retail, and wealth clients worldwide. BNPP AM has a global network of local experts in 35 countries2, combining global reach with local expertise.
BNPP AM’s expertise spans liquid and alternative investments, with a leadership position in long-term savings management for insurers and pension funds3 (€850 billion in assets under management).
BNPP AM’s alternatives platform, backed by over 30 years of experience, is the largest in Europe and a global leader4, managing approximately €300 billion across real estate, infrastructure, alternative credit and private equity.
BNPP AM offers a broad range of liquid investment solutions, including fixed income, high-conviction active strategies, and a fast-growing ETF offering, totaling over €1 trillion in assets2.
Sustainable and thematic investment capabilities are embedded across the business, supporting clients’ long-term objectives.
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 2025 and companies’ financial communication as of 31/12/2025.
2 Source: BNPP AM, as of 31 March 2026. Assets under management including assets under advisory.
3 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).
4 Source: BCG, based on Assets under Management as of 31 December 2024.
Disclaimer
The investment identified does not represent all of the investments purchased, sold, or recommended for the strategy. There is no guarantee that the investment we make were or will be profitable. Developments of the past offer no guarantee and are no indicator for any future returns or trends.
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.
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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.