BNP Paribas Asset Management Alts has terminated its BNP Paribas Low Carbon Transition Infra Equity Fund following its merger with AXA IM Alts. The Europe-focused sustainable infrastructure fund, launched in December 2024 with a €750 million target, was seeded with a €400 million anchor investment from BNP Paribas.

The closure stems from strategic overlap between the fund and AXA IM Alts' European Infrastructure Fund, which deployed €700 million across three investments last year. Sources indicate the firm opted to focus on one flagship strategy rather than maintain two overlapping vehicles. The decision reflects the integration of AXA IM Alts into the BNP Paribas Group following its acquisition in July 2025.

The €250 million already deployed will remain on BNP Paribas AM's balance sheet, managed by its infrastructure equity team. The remaining €150 million is expected to be redeployed to other investments. AXA IM Alts' evergreen European Infrastructure Fund continues operating with a €5 billion target, investing in sustainable infrastructure assets across digital, energy, utilities and transport sectors, targeting 6 percent yield and 8-10 percent gross IRR after hedging costs.