BNP Paribas holds final close on Fundexi IV

The French banking group's latest fund of funds will split its deals evenly between secondaries and primary investments.

BNP Paribas Capital Partners has beaten its target to hold the final close on its latest fund of funds that will invest in secondaries.

The private equity division of the French banking group has raised €333 million for Fundexi IV, beating its €250 million target, according to a statement. The fund will continue its predecessors’ strategy of investing in small and midcap buyout, information technology and life sciences funds through secondaries and primary commitments.

Fundexi IV, which launched in August 2014, will split its investments evenly between secondaries and primary deals, according to a BNP Paribas spokesman. The fund has already completed in 14 deals in European buyout and technology funds, 40 percent of which were invested in through secondaries.

The fund attracted mainly new investors including a mix of European institutions, family offices and BNP Paribas Wealth Management clients.

BNP Paribas has previously sold stakes held in its funds of funds. In June 2015, London-headquartered preferred equity specialist 17Capital increased its stake in Hutton Collins Capital Partners III by acquiring another stake in the fund from BNP Paribas’ 2005-vintage Fundexi Europe II vehicle.

BNP Paribas Capital Partners is headquartered in Paris and manages, advises and administers about €6 billion in total assets, according to the statement.