Pascal Christory of BNPP AM Prime says the European GP stakes market has great potential but still trails the US.

BNPP AM Prime closed its first GP stakes fund at €540 million, surpassing its €400 million target with Axa as the anchor investor. It is the largest fund raised by a European manager, yet still far smaller than US counterparts.

Christory points out that there are over 500 mid‑market European GPs, with a combined enterprise value of €200 billion, yet less than €1 billion has been raised for GP stakes. A survey shows 77% of GPs plan to divest a stake within 24 months.

The lag, he argues, stems from rubble such as limited education, fewer intermediaries, and the early stage of succession planning in Europe. Christory remains optimistic that the market will catch up and that strategic capital allocation will be key to meeting demand.