BNP Paribas Targets Double-Digit Returns as Evergreen Products Lower Private Market Entry to €25K

Claire Roborel De Climens, Head of Private and Alternative Investments at BNP Paribas Wealth Management, discusses how the firm approaches private markets for its wealth management clients in an interview from IPEM Cannes 2025.

The conversation covers the democratization of private markets through evergreen products, which have dramatically lowered minimum investment thresholds, and explores the firm's outlook across different private asset classes for 2025. Claire highlights the bank's focus on client education and risk management while targeting attractive double-digit returns over long-term investment horizons.

BNP Paribas is Europe's largest private bank and a pioneer in providing private market access for its wealth clients, structuring its first fund-of-funds private equity vehicle in 1998.

Key Points from the Interview:

• 27-year private markets track record and comprehensive approach: As aninnovator in private market access, BNP Paribas leverages dedicated experts to guide clients in building portfolios across buyout, growth equity, secondaries, private credit, infrastructure, and real estate verticals through personalized asset allocation strategies.
• Evergreen products dramatically lower barriers to entry: The evolution toward evergreen structures has reduced minimum investments from hundreds of thousands of euros to just €25,000. These products eliminate capital calls and put money to work immediately, though the bank emphasizes extensive client education on the risks involved in semi-liquid investments.
• Targeting double-digit returns with no guarantees: While acknowledging no performance guarantees exist, BNP Paribas targets double-digit annual returns over 10+ year investment horizons, positioning private markets as offering attractive returns and diversification to clients that like the opportunity to finance the real economy.
• 2025 outlook varies by asset class with selective optimism: The firm expects increased private equity deal activity, and therefore distributions, with PE firms continuing to focus on value creation within portfolio companies. Claire sees 2025 as a good real estate entry point after two tough years as demographics, digitalization, and other trends support growth across sectors. Private credit is set to continue to provide attractive performance despite declining interest rates, and the firm views infrastructure as a top theme for the coming year.
• Infrastructure identified as key 2025 opportunity: BNP Paribas views infrastructure as the most attractive investment opportunity in 2025. The essential services provided by the asset class are supported by the "3D trends" of demographics, deglobalization, and decarbonization, and the significant shortfall in public financing provides a huge opportunity for private capital to support growth in the space.