BNP Paribas AM Alts has closed has closed its debut European GP stakes fund with €540m in commitments.

The fund closed above its initial €400m target and represents the largest GP stakes vehicle raised by a European manager.

Prime Capital Partners I will acquire minority equity stakes in mid-market firms across private equity, private credit, and infrastructure.

The strategy has already invested in several private capital managers, including Monroe Capital, Hayfin Capital Management, Latour Capital, and Rivage Investment.