Under the terms of the deal BNP Paribas Capital Partners (BNPP CP), a unit of the French asset management company, will take a minority stake in a new partnership company based in Hong Kong.
Orion Partners will continue to operate under its existing leadership and remain independent in all its businesses and investment decisions.
Going forward, BNPP CP and Orion Partners plan to develop and launch new funds to meet growing demand for Asia-focused alternative investment funds.
“The partnership with Orion Partners provides us with an excellent opportunity to broaden the exposure to the fast-growing alternative investment opportunities in Asia, managed by a leading Asian-based and Asian-focused firm,” said Gilles Guérin, chief executive of BNPP CP.
TK Chiang, managing partner and co-founder of Orion Partners, added: “Orion Partners has had a strong, long-standing relationship with BNPP IP and it is the perfect partner to enhance our specialist alternative investment business through product innovation and access to premier international distribution channels.”
BNP Paribas Investment Partners, which is part of the International Financial Services division of BNP Paribas, had assets under management totalling €509bn (£373.6bn, $549bn) at the end of September 2015.
