BNP Paribas European SME Debt Fund 3 SA SICAV-RAIF ELTIF

BNP Paribas European SME Debt Fund 3 SA SICAV-RAIF ELTIF is a direct lending vehicle managed by BNP Paribas Asset Management and domiciled in Luxembourg, where it is set up as a SICAV operating under the RAIF regime and authorised as an ELTIF under the ELTIF 1.0 framework. The fund was launched in 2023, is denominated in EUR, and is marketed on a pan-European basis to professional investors. It is classified as Article 8 under SFDR. Reported assets stand at , against a stated target size of .

The vehicle is closed-end, so capital is committed for the life of the fund rather than subscribed and redeemed on a dealing cycle; investors should expect drawdowns against commitments and distributions driven by borrower amortisation, repayments and exits rather than by a redemption facility. That structure aligns the liquidity profile with the underlying loan book, which is built through directly originated lending to European small and mid-sized companies, with the regional breakdown shown under . As a ELTIF 1.0 product, it falls under the earlier ELTIF rulebook, which predates the redemption and distribution changes introduced in the later regime.

Within the Novantigo database of 494 funds as of 31 Aug 2026, it is one of 148 private debt vehicles, one of 347 funds domiciled in Luxembourg, and one of 108 that combine both. Its closest comparators are therefore Luxembourg-domiciled private credit vehicles using the RAIF regime with an ELTIF wrapper, where the main points of differentiation are vintage, the borrower segment targeted and the size of the commitment pool.