Allen & Overy’s France-Luxembourg Platform advises on the structuring of BNP Paribas European Infrastructure Debt Fund II
27 July 2021
Infra Debt II has so far attracted commitments of EUR300 million from a range of European institutional investors, with a hard cap set at EUR1 billion by April 2022.
Infra Debt II invests in senior (euro-denominated) debt across Europe with a focus on various underlying infrastructure assets, including digital infrastructure and renewable energy. The fund also targets opportunities in community services and social infrastructure. Infra Debt II follows the success of a first senior infrastructure debt fund launched at the end of 2017 by BNPP AM, having raised EUR474m in commitments which have been fully deployed.
Commitments for Infra Debt II have been received from insurance companies, pension funds and corporates based in the UK, France and Belgium, with further investors expected across Europe and Asia. Eight investments have already been committed for an amount of approximately EUR250m in optical fibre, social infrastructure, utilities and renewable energy.
Infra Debt II aims to generate stable long-term returns for investors, while preserving the capital invested, and adheres to a rigorous ESG policy based on the analysis provided by BNPP AM’s Sustainability Centre. The management team also uses independent impact studies to assess induced and avoided greenhouse gas emissions, net environmental contribution and alignment of funded activities in accordance with the objectives of the Paris Climate Agreement.
BNPP AM was advised by members of A&O's France-Luxembourg Platform, comprising Antoine Sarailler (Partner, Paris), Jean-Christian Six (Partner, Luxembourg), Joanna Pecenik (Counsel, Luxembourg/Paris), Benjamin Lacourt (Senior Associate, Paris) and Romane Chéry (Associate, Paris) in respect of the legal and regulatory aspects pertaining to the fund, as well as Mathieu Vignon (Partner, Paris) and Charlotte Signol (Associate, Paris) in respect of tax aspects.
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