BNP Paribas Capital Partners (‘BNPP CP’) announces the launch and first close of BNP Paribas Singularity Fund I (‘Singularity’), with commitments totalling EUR 80 million. Singularity is a new private equity fund of funds that aims to deliver strong financial performance, together with measurable positive impact, framed around the UN Sustainable Development Goals (‘SDGs’).
Singularity will focus on sustainable growth trends including demographic and technological developments and challenges relating to climate change, which offer opportunities to create long term value. BNPP CP is BNP Paribas Asset Management’s (‘BNPP AM’) specialist in external alternative manager selection. It has launched the fund in line with BNPP AM’s Global Sustainability Strategy, overseen by Jane Ambachtsheer, BNPP AM’s Global Head of Sustainability.
Singularity will be managed by Anne-Sophie Kerfourn and Emmanuel Haumesser, and will invest in both traditional and impact private equity funds. A key element of the fund’s strategy is to support private equity funds in adopting and developing their investment approach and impact measurement, in line with the Operating Principles for Impact Management, to which BNPP AM was a founding signatory in 2019. It will predominantly target buyout and growth capital funds active on the European lower mid-market through primary commitments and co-investments. It may make secondary commitments depending on market opportunities. Initial limited partners include BNP Paribas and a major insurance company. BNPP CP will market the fund primarily to European institutions and family offices.
Gilles Guerin, CEO of BNP Paribas Capital Partners, comments:
“The initial closing of Singularity demonstrates the value and relevance of our unique approach to managing private equity funds of funds in order to create a positive impact. This strategy is being deployed by BNPP CP’s specialised investment team in collaboration with the expertise of BNPP AM’s Sustainability Centre and the wider BNP Paribas Group to reach the highest standards.”
Anne-Sophie Kerfourn and Emmanuel Haumesser, co-managers of BNP Paribas Singularity Fund I, comment:
“Sustainability is at the very heart of our strategy. We firmly believe that fund managers and companies that provide tangible solutions to global challenges will be better equipped to generate higher returns in the longer term. As investors, it is our role to support our underlying fund managers in creating and sustaining positive impact.”
Jane Ambachtsheer, Global Head of Sustainability at BNP Paribas Asset Management, comments:
“We welcome Singularity to the range of BNP Paribas sustainable strategies, and support the implementation of an ambitious impact framework for the fund’s investment and reporting approach.”
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About BNP Paribas Capital Partners
BNP Paribas Capital Partners is BNP Paribas Asset Management’s specialist in the selection, multi-management and incubation of alternative managers, including hedge funds, alternative UCITS, private debt, infrastructure and private equity. As at 31 December 2019 BNP Paribas Capital Partners managed, advised and administered EUR 6.5 billion on behalf of institutional clients, corporates, private banks and high net worth individuals.
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As at September 2020.