BNP Paribas Asset Management and Dynamic Credit Group agree partnership to boost private debt solutions

September 15, 2021
  • BNP Paribas Asset Management (‘BNPP AM’) to acquire majority stake in Dynamic Credit Group (‘Dynamic Credit’), an Amsterdam-based asset manager and specialist lender with EUR 9 billion of assets under management.
  • This deal will allow BNPP AM’s Private Debt & Real Assets investment division (‘PDRA’), currently managing EUR 11 billion of client commitments, to significantly grow its asset base, while providing Dynamic Credit with access to a large and global distribution network.

The acquisition of Dynamic Credit is in line with BNPP AM’s strategy of accelerating the expansion of its investment platform, particularly within the strategically important area of private markets.  The closing of the transaction is subject to regulatory approval.

Dynamic Credit manages assets of EUR 9 billion, consisting primarily of Dutch mortgages, which it originates through its own online platform, bijBouwe, and other channels.  It offers a full range of services to investors for this asset class, including portfolio management through collective and single mandates, as well as reporting and valuation services.  Beyond Dutch mortgages, Dynamic Credit has built on its expertise within the origination and management of granular loan portfolios, to source personal loans and SME loans for its Diversified Loan Fund.  Within Dynamic Credit, LoanClear serves as an independent advisory firm focusing on illiquid credit investments.  Activities include valuation services, portfolio performance benchmarking and portfolio transactions.

This deal offers PDRA the opportunity to accelerate the development of its Dutch mortgage capability.  Given their attractive risk-return profile and low capital charge under Solvency II, Dutch mortgages are a very attractive investment for institutional investors in the ongoing low interest rate environment.  Investments in Dutch mortgages are expected to continue to grow steadily.  This market represents a core investment for insurers, pension funds and banks in the Netherlands, as well as for investors more widely across Europe.

Dynamic Credit will be incorporated into PDRA, while continuing to operate as an independent entity under the leadership of CEO and founder Tonko Gast, who will report to its Board and to David Bouchoucha, CIO and Head of PDRA.

Established in 2017, PDRA operates across three areas: corporate loans, real assets and structured finance.  It currently manages EUR 11 billion of assets committed by clients and has a team of 50 credit professionals based in Paris, London and New York.

David Bouchoucha, Head of PDRA at BNPP AM, comments:

“This partnership marks an important step in the development of our private debt platform and a significant move forward in terms of assets under management, which now totals more than EUR 20 billion of client commitments.  It also adds an innovative and well-established skillset in the origination, management and servicing of loan portfolios on a granular basis, especially within the mortgage area.  We are looking forward to engaging with our clients regarding the new opportunities this partnership will bring in terms of adding value to their private debt portfolios.”

Tonko Gast, Founder & CEO of Dynamic Credit, comments:

“The backing of a leading asset manager such as BNP Paribas Asset Management is key for our future development and will allow us to extend our distribution networks across Europe.  Dynamic Credit and BNPP AM both share similar values and are fully aligned in terms of fiduciary duties and our approach to client servicing.  Sustainability and innovation are strategic priorities across both firms, which we will continue to reinforce, particularly in relation to private markets.”

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As at September 2021.