BNP Paribas’ Securities Services business has been appointed to provide depositary and global custody services for the newly launched Growth Fund Germany.
The fund is a development of the Future Fund, an investment fund for future technologies, by the German Government and KfW Capital.
With a closing value of more than €1 billion, the growth fund aims to enhance financing opportunities for start-ups and small- and medium-sized enterprises..
The majority of the fund’s assets come from private capital and institutional investors, signifying an initiative between governmental entities and the private sector.
Additional financial resources are to be invested in European and German venture capital funds.
In partnership with capital management company Universal Investment, Securities Services at BNP Paribas will act as custodian of the entire fund structure.
Complying with the German Capital Investment Code, the business will provide banking services required to process institutional investors’ subscriptions and to invest in private capital target funds and other assets.
Thorsten Gommel, head of Germany, Austria, Netherlands and the Nordics at BNP Paribas’ Securities Services, says: “Private markets assets and the corresponding fund structures place special demands on custodians.
“We are happy to contribute our expertise in this area to the success of the Growth Fund Germany, helping to lay the foundation for innovative and economic growth in Germany and Europe.”
