Capza, the private credit arm ultimately owned by BNP Paribas Asset Management, has secured almost €1.4bn ($1.7bn) at the first close of Capza Private Debt 7, bringing it close to half of its €3bn final target, according to Bloomberg.

The strategy will provide unitranche loans and subordinated debt to small and medium-sized companies across Europe, reinforcing sustained institutional appetite for European direct lending.

“Today, our aim is to reach for the final closing of Capza Private Debt 7 about €3 billion, so only with this first successful closing, we already managed to achieve almost 50% of our final goal,” said Christophe Fritsch, Head of Alternative Credit at BNP Paribas Asset Management Alts.

International capital is playing a growing role in the raise. Fritsch noted “more appetite from international investors to invest into European direct lending and European private credit,” highlighting demand from Japan, Korea, Canada, and the Middle East.

Capza Private Debt Co-Head Christophe Vulliez emphasised underwriting discipline, stating the firm does not accept covenant-lite deals and that every transaction undergoes a “special due diligence on potential AI disruption.”

BNP Paribas Asset Management Alts oversees approximately €135bn in private debt and alternative credit assets, positioning Capza as a scaled European player in a market increasingly shaped by global capital flows and tighter risk management standards.

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