CAPZA announces the successful first closing of the European Mid-Market private debt fund

CAPZA, part of BNPP AM Alts, announces the successful first closing of its fund CAPZA Private Debt 7, which has raised nearly €1.4bn, already surpassing half of the capital raised for the previous vintage, CAPZA Private Debt 6.

This achievement marks a strategic milestone for CAPZA’s private debt teams and demonstrates the strong appeal of a proven strategy backed by a solid two decade track record.

This initial fundraising round is supported both by the renewed confidence of long standing partners and the commitment of new investors, with more than 30% of total commitments coming from international markets (Germany, Belgium, Italy, Japan and the Middle East), where CAPZA continues to strengthen its presence.

The CAPZA Private Debt 7 fund provides financing to SMEs and mid caps primarily in France, Germany, the Benelux, Spain and Italy through unitranche and subordinated debt, leveraging CAPZA’s extensive network and deep understanding of local markets. This seventh vintage is part of the broader offering of BNP Paribas Asset Management Alts, which currently manages approximately €135bn in private debt and alternative credit assets.

Since the launch of the fund, five transactions have already been completed in France, the Netherlands and Germany for approximately €400m, focusing on high quality credit opportunities supported by proprietary sourcing, which sits at the core of CAPZA’s strategies. This dynamic reflects the team’s ability, made up of eight European Partners with an average of 26 years of experience, to access, select and structure robust transactions in an environment where selectivity remains a key factor in generating performance. By targeting companies operating in resilient and low cyclical sectors such as healthcare, technology and B2B services, CAPZA reinforces its investment strategy aimed at minimising default risk without compromising returns.

In line with the previous fund, this new vintage adopts an advanced sustainability approach aiming to align all stakeholders around measurable and sustainable transformation. In addition to pre investment ESG due diligence, the fund aims to integrate sustainability linked performance objectives into the financing terms of 75% of its unitranche investments.

The growth of our fund demonstrates the relevance of our mid market private debt approach, which combines financial performance with sustainability.

Christophe Fritsch, Global Head of Alternative Credit at BNP Paribas Asset Management Alts.

“The success of this first closing underscores the trust our investors place in our ability to identify and structure high quality financings in a demanding European environment. Our strategy is built on a deep understanding of local markets, rigorous deal selection and prudent risk management. The growth of our fund demonstrates the relevance of our mid market private debt approach, which combines financial performance with sustainability.” – Christophe Fritsch, Global Head of Alternative Credit at BNP Paribas Asset Management Alts.

Figures as of 30 September 2025. Based on BNPP AM internal analysis data.