Using git subrepo or tree like SVN external

Question

We are transitioning from SVN to git finally, thank the gods and little fishes.

But we have a very extensive library system that lives in SVN externals.

--Libraries 
--|--Lib1
--|--Lib1.project
--|--libs
--|--|--Lib1
--|--|--|--Lib1ForDistro.lib
--|--UnitTests
--|--DebuggingCode
--|--Lib2
--|--Lib2.project
--|--libs
--|--|--Lib2
--|--|--|Lib2ForDistro.lib
--|--UnitTests
--|--DebuggingCode


--Projects
--|--Proj1
--|--|--libs
--|--|--|--Lib1
--|--|--|--Lib1ForDistro.lib
--|--|--|--Lib2
--|--|--|--Lib2ForDistro.lib

Everything has lots of relative paths use between the tools, unit test framework and such.

What I ideally want is a way to put all of our libraries as subrepos (or possibly subtrees) and keep the same relative path scheme that we have going now.

I have only come up with the one possible way to do this. Each library has two repos, one for development and the other contains the test code and the first repo as a subrepo. Then use the subrepo as normal.

Is there a way to not use a whole repo as a subrepo but instead use only one folder?