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Press Release

BNPP AM Alts exceeds fundraising target for the final close of its European Junior Infrastructure Debt fund, bringing total capital raised for its strategy to circa €1.2 billion

Communication: For media use 
For professional investors 
Not available to US investors

BNP Paribas Asset Management Alts (“BNPP AM Alts”), the largest alternatives asset manager in Europe and a global leader with c.€300 billion of assets under management, has raised circa €1.2 billion in capital commitments at final close of its second European Junior Infrastructure Debt strategy, exceeding its original fundraising target. 

The commitments were secured from a mix of European and Asian investors, both re-upers and new investors.

European Junior Infra Debt Fund II seeks to provide investors with defensive and stable income from senior and junior secured fixed and floating rate debt investments spanning the renewables energy, utilities, digital infrastructure, clean mobility and social infrastructure sectors. With a pan-European mandate, the Fund is classified as an Article 8 Fund under SFDR regulations, with ESG criteria carefully integrated into its investment approach.

The success of the fund raise demonstrates the strong underlying demand from institutional investors for specialised infrastructure debt strategies aiming to offer a strong cash yield, attractive illiquidity premiums (compared to corporate bonds) and exposure to Europe’s energy transition and digital infrastructure boom. The asset class is benefitting from significant structural tailwinds including the regulatory and commercial transition towards electrification, digitisation and decarbonisation. Investors could also benefit from BNPP AM Alts’ leading global platform dedicated to infrastructure and the low carbon transition, including deal access and demonstrable track record executing landmark pan-European transactions. 

Since launching in August 2024, the Fund has completed close to ten investments predominately in the energy transition, green mobility and digital infrastructure sectors, including solar projects platforms, pan-European rail and data centres, with a focus on western Europe. The Fund is expected to continue deploying capital, supported by a strong pipeline of identified investment opportunities well diversified across its target sectors.

Leveraging BNP Paribas Group’s origination capabilities, the Fund will also draw on BNPP AM Alts’ more than 13 years of active investment in the infrastructure debt space, where it currently manages over €15 billion and has deployed over €24 billion across both junior and senior strategies, into more than 330 transactions. Infrastructure debt remains a key strategic priority for the business, reflecting the critical role it plays in supporting the financing of essential economic and sustainability projects across Europe.  

Karen Azoulay, Head of Real Assets at BNP Paribas Asset Management Alts, commented: “This significant capital raising milestone reflects the long-term confidence that our investors have placed in BNPP AM Alts’ disciplined investment approach and ability to identify strong opportunities for deployment. Having already made a number of investments across the renewables, energy transition, clean mobility, digital infra and utilities sectors, we remain focused on building a high-quality portfolio that aims to deliver both resilient, risk-adjusted returns and enables the financing of critical infrastructure assets that will underpin long term economic growth and the transition to a more sustainable future.” 

Deborah Shire, Deputy Head, at BNP Paribas Asset Management Alts, commented: “The successful closing of our second junior infra debt fund, in excess of our target and with capital raised from both existing and new investors, reflects the platform’s proven track record of performance, scale and selectivity, as well as increased investor demand for yield-generating assets that offer a diversification play and relative value”. 

“Infrastructure investments that support Europe’s sovereignty, decarbonisation and digitalisation needs continue to demonstrate their attractivity, with their low correlation to traditional asset classes enhancing portfolio stability. We expect this dynamic to persist in the near term, with the sector offering investors a natural hedge against inflation alongside an attractive illiquidity premium.”

Investments in infrastructure and debt carry specific risks, including the loss of capital.

- ENDS -

Notes to editors
All figures as at 30/06/2025 unless specified. Based on BNPP AM internal data analysis.
Fund is not marketed in the U.S.

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. 
 

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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.