BNP Paribas European SME Debt Fund 2 S.C.Sp.-RAIF

BNP Paribas European SME Debt Fund 2 S.C.Sp.-RAIF is a closed-end vehicle managed by BNP Paribas Asset Management, domiciled in Luxembourg as an SCSp and authorised under the RAIF regime. It is structured as an ELTIF under ELTIF 1.0, and is distributed on a pan-European basis to professional investors. The fund has been operating since 2021 and reports in EUR; assets stood at as at 31 Aug 2026, having followed a path described by over the period covered by our data.

The strategy is direct lending within private debt, meaning capital is deployed directly into loans to European small and mid-sized corporate borrowers rather than through traded instruments. Because the vehicle is closed-end, commitments are drawn over an investment period and capital is returned through loan amortisation, repayment and exit proceeds rather than through a dealing mechanism; investors should treat the holding period as matching the underlying loan book, with no ongoing redemption facility. Exposure across countries and regions is set out in .

For positioning, the fund sits among 148 private debt vehicles and 347 Luxembourg-domiciled vehicles in our coverage, and among 108 funds that combine both characteristics, out of 494 funds tracked in total. The ELTIF 1.0 classification places it in the cohort predating the revised ELTIF framework, which is relevant when comparing liquidity terms and eligible-asset rules against more recently launched peers.