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 3.3 billion at 31 December 2008 and is split into four segments:

  directly held strategic investments
  directly held minority stakes
  investments in funds
  joint investments made simultaneously with funds or institutional investors

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. This perspective clearly differentiates the 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.