By Gerelyn Terzo, Global AgInvesting Media
The private assets arm of French lender BNP Paribas has reached a critical milestone toward the ecological transition to a more circular economy. BNP Paribas Asset Management (BNPP AM), which oversees EUR 591 billion (US$614.8 billion) in AUM, has announced the final close of its BNP Paribas Solar Impulse Venture Fund (BNPP SIVF). At EUR 172 million (US$178.9 million), the fund was oversubscribed, giving BNP plenty of runway to invest in over a dozen European and North American high-potential growth startups.
BNPP SIVF, a product of a partnership between Swiss non-profit Solar Impulse Foundation and BNPP AM, targets multiple sectors, including sustainable agriculture and food as well as climate technology, that support the ecological transition, ranging from monitoring biodiversity to democratizing the energy transition and also better usage of resources and avoiding waste. Launched in 2021, the fund achieved its minimum target size of EUR 150 million (US$156.0 million) in September, since which time it has raised the balance of the fund.
BNPP has attracted a wide range of LPs, including corporations like ADP Group, institutional investors including AGPM, BNP Paribas Cardif and Sogecap, as well as individuals and family offices. The lineup will invest alongside BNP Paribas, which has committed EUR 86 million to the fund, and the Solar Impulse Foundation, with a view to catapult the ecological transition.
Among the fund’s early investments include French scale-up Phenix, which specializes in slashing food and non-food waste. Additionally, BNPP SIVF has invested in U.K. startup NatureMetrics, a nature-intelligence company that is behind a biodiversity measurement solution that harnesses environmental DNA that organisms leave behind in water and soil. Undetected species can cost companies tens of millions in fines, lost revenue and project overruns. NatureMetrics’ technology solution uncovers hard-to-detect species more quickly than conventional methods and with greater speed and precision.
BNP Paribas’ ag and food expert Sarah Colombié, who is also an ag engineer, provided a glimpse into how the firm views the ag industry, explaining, “We finance every link in the chain, from individual farmers and cooperatives to major players in the agri-food and retail sectors.”
While raising capital for the venture fund, BNPP also launched the BNP Paribas Future Forest Fund in recent months in response to global demand for sustainably managed timber investments. Launched alongside Copenhagen, Denmark-based International Woodland Company (IWC), which specializes in natural capital, the fund has a focus on commercial viability, boasting a target size of $500 million with a hard cap of $750 million.
Of the latest fundraising milestone, BNP Paribas Solar Impulse Venture Fund Managing Partner Yann Lagalaye stated: “We are thrilled to close on the BNPP Solar Impulse Venture Fund above the initial target size, particularly in such a challenging funding environment, and would like to thank our investors for their trust and support… Supporting best climate tech companies to accelerate globally the ecological transition is our mandate and the team is eager to continue the deployment of the Fund in the coming years, building bridges between our strong network, the Solar Impulse foundation network and flagship entrepreneurs, with the objective of accelerating their development and significantly changing their impact.”
Solar Impulse Foundation Founder Bertrand Piccard said, “Private capital has a crucial role to play in accelerating the ecological transition, and we look forward to seeing even more impactful and innovative solutions bloom thanks to this initiative.”
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