BNP Paribas Asset Management launches European loan fund, expands private debt team

By Daniel Lanyon on 21st November 2017

Alternative Credit

The banking giant’s investment arm has been on strong push into the alternative lending market.

BNP Paribas Asset Management launches European loan fund, expands private debt team

The banking giant’s investment arm has been on strong push into the alternative lending market.

BNP Paribas Asset Management has launched BNP Paribas Flexi III European Senior Corporate Loans and appointed two new credit analysts as it continues its push into the private debt space.

The BNP Paribas Flexi III European Senior Corporate Loans is an open-ended fund structured as a sub-fund of the Luxembourg-domiciled BNP Paribas Flexi III SICAV. It invests in senior secured corporate loans, issued by primarily European borrowers and typically rated BB- or B+.

The fund offers access to the European syndicated loan market valued at around €450bn.

Loans tend to benefit from the highest level of seniority in the capital structure of corporate issuers and are secured by the assets of the borrower, the firm says.

The fund is managed by BNPP AM’s Global Loans team, headed by Vanessa Ritter, consisting of 18 investment professionals together with eight dedicated middle office staff. The team is split between New York and Paris, and forms part of the 50 person Private Debt & Real Assets investment group, established earlier this year and headed by David Bouchoucha.

The Global Loans team has recently hired two new credit analysts, based in Paris. Thomas Bruneel focuses on the automotive, building materials and gaming & leisure sectors. He re-joined from Moody’s Investor Services, having previously worked in BNPP AM’s Global Loans team in New York and Paris.

Tanguy Godefroy focuses on the chemicals sector. He joined from BNP Paribas’ Corporate Debt Platform, where he was responsible for the origination, structuring, underwriting and execution of LBOs, leveraged corporate acquisitions and refinancings across EMEA.

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