PAI Partners closes sixth Europe fund at €3.3bn
European private equity firm PAI Partners has announced the final closing of its latest fund, PAI Europe VI at €3.3bn, exceeding the cap of €3bn raised to meet demand from investors.
Paris-headqurtered PAI is investing in market-leading European companies with a focus on companies headquartered in continental Europe. Its fund PAI Europe VI targets five key sectors: business services, food & consumer goods, general industrials, healthcare and retail & distribution.
The firm has announced six investments for the fund: Custom Sensors & Technologies, Euro Media Group, DomusVi, Labeyrie Fine Foods, VPS and AS Adventure.
“PAI Europe VI is backed by a diverse and global investor base, including public and private pension funds, sovereign wealth funds, insurance companies and high net worth individuals with approximately 60% of commitments coming from Europe, 20% from North America, 15% from Asia and 5% from the Middle East and Latin America,” explained the firm.
PAI also said the allocation of institutional investors to Europe VI has increased by an average of 30% compared to Europe V.
Michel Paris, partner and CIO at PAI, commented: “Fund VI will build on PAI’s long-standing and unique position in continental Europe and the team is very focused on continuing to find investments with real potential for transformation and growth.
“The pipeline of investment opportunities is particularly rich at the moment reflected in Fund VI’s first deals and we are confident that we can continue to deliver outperformance to investors in the current climate.”
Richard Howell, partner and head of the Investor Team at PAI, added: “The European opportunity is stronger than ever and the strong support of investors for PAI Europe VI recognises this. PAI is seen as a firm of choice in continental Europe and we are grateful to all investors, existing and new, for their commitment and backing.”
PAI has offices in London, Luxembourg, Madrid, Milan, Munich and Stockholm and manages €7.5bn of assets. Since 1994, PAI has completed 56 leveraged buyout transactions in 10 European countries, for a value of €38.8bn.