BNP Paribas has announced the first close for its BNP Paribas European Infrastructure Debt Fund II after getting commitments of more than EUR300 million (US$355.89 million) from institutional investors across Europe. The fund will implement a strategy to invest in senior secured debt in Europe across multiple infrastructure sectors, with a particular focus on digital infrastructure and renewable energy.

The fund has a hard cap of EUR1 billion (US$1.18 billion). The fund has received commitments from insurance companies, pension funds, and corporates in the UK, France, and Belgium. It has also committed EUR250 million (US$296.56 million) in investments for eight fiber optic, social infrastructure, utilities, and renewable energy infrastructure projects in Europe.