BNP Paribas poised to launch new $400mn fund

FUND LAUNCH: BNP Paribas has unveiled plans to start $400 million Gulf-focused fund. (Getty Images)

BNP Paribas is to launch $400 million Gulf-focused private equity fund in early 2009, the bank’s regional director has revealed.

“We already have transactions in the pipeline,” Jean-Christophe Durand told reporters late on Monday.

The close ended fund will target family business in the region and client interest has been strong, he said.

“We are bringing some powerful partners together,” he added.

BNP Paribas, which plans to expand in the region, will provide 25 percent of the fund’s capital.

The bank has been operating in the region for over 35 years and has a presence in five Gulf countries: Bahrain, the UAE, Qatar, Kuwait and Saudi Arabia.

All of its three major segments – Corporate and Investment Banking, Asset Management & Services and Retail Banking – are performing well in the region, Durand said.

The company has no plans to cut staffing levels in the region and has recently transferred some of its European employees to the Gulf capital markets team, he said.

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