Principal Investments

BNP Paribas Capital

BNP Paribas Capital manages the Group's proprietary portfolio of unlisted investments as part of a strategy designed to gradually scale down the portfolio.

This portfolio had an estimated value of EUR 5.0 billion at 31 December 2006 and is split into four segments:

directly held investments (primarily minority interests) in manufacturing and sales companies in France and abroad;
 non-banking strategic investments;
investments in sponsored and unsponsored funds;
investments made simultaneously with funds or institutional investors.

In 2006, the main disposals concerned the investments in Power Corp. of Canada and Ipsen. The Group forged ahead with its investments in private equity funds and its joint investments alongside these funds.

Listed investment and sovereign loan management

The Listed Investment and Sovereign Loan Management unit has two functions. Its overall mission is to actively manage assets with a view to deriving the greatest possible value over the medium term. The medium-term perspective clearly differentiates this business from a trading activity.

The Listed Investment Management team manages BNP Paribas' portfolio of minority stakes in listed companies.

Sovereign Loan Management's mission is to restructure sovereign loans through the London Club and to manage the portfolio of emerging market sovereign debt, such as Brady bonds, Eurobonds and restructured credits.