Paris-based private equity firm PAI Partners has announced the final closing of PAI Europe V at EUR5.4bn, which the firm says is the largest private equity fund ever raised in continental
Paris-based private equity firm PAI Partners has announced the final closing of PAI Europe V at EUR5.4bn, which the firm says is the largest private equity fund ever raised in continental Europe and double the size compared of its predecessor fund raised three years ago.
The fund received commitments from around 130 investors from 23 different countries, with 63 per cent of funds coming from Europe, 26 per cent from North America and 11 per cent from Asia and the Middle East.
PAI Europe V received strong support from PAI’s existing investors who significantly increased their average commitment size and account for more than 70 per cent of the fund’s capital, although it attracted significant interest from a number of new long-term investors.
The firm says PAI Europe V will continue its strategy of acquiring market-leading businesses in Europe within the services, capital goods and consumer goods sectors and targeting transactions ranging from EUR500m to several billion euros in enterprise value.
The fund will be deployed by a team of around 50 professionals led by 18 partners who have worked together at PAI for an average of 11 years. The firm has professionals of nine European nationalities and other offices in London, Madrid, Milan, Munich and Luxembourg.
‘We are extremely pleased with the strong support we have received from our existing investors and the significant number of new investors who placed their confidence in PAI,’ says chairman and chief executive Dominique Mégret.
‘We will continue to leverage our sector expertise to invest in companies that are clear leaders in their markets with a view to creating strategic value and delivering strong returns to our investors.’
PAI manages and advises dedicated buyout funds with an aggregate equity value of more than EUR11bn. Since 1998, the firm has completed 34 leveraged buyout deals in nine European countries, representing a total transaction value of more than EUR28bn.
Its high-profile European acquisitions have included natural food ingredients specialist Chr. Hansen (EUR1.1bn); Spanish clothing retailer Cortefiel (EUR1.5bn); hygiene services provider Elis (EUR1.5bn); French house builder Kaufman & Broad (EUR1.4bn); automobile servicing group Kwik-Fit (EUR1.2bn); coffee machine manufacturer Saeco (EUR825m); and food producer United Biscuits (EUR2.4bn.
