BNP Paribas Asset Management has raised €540 million for its first GP stakes strategy, Prime Capital Partners I, surpassing its initial €400 million target. The fund represents the largest GP stakes vehicle raised by a European manager and will acquire minority equity stakes in mid-market firms across private equity, private credit, and infrastructure.

Developed by AXA IM Prime before its integration into BNP Paribas Asset Management through last year's acquisition of AXA Investment Managers, the strategy has already invested in several private capital managers including Monroe Capital, Hayfin Capital Management, Latour Capital, and Rivage Investment. The GP stakes model allows private capital firms to sell minority stakes in their management companies to raise capital, support new strategies, or expand into additional markets.

Large global managers including Blackstone, Goldman Sachs, and Blue Owl Capital have also built significant GP stakes businesses in recent years. BNP Paribas Asset Management's alternatives platform now manages about €300 billion in assets across private markets strategies, positioning the firm as a major player in this increasingly prominent segment of private markets.