French private equity firm PAI Partners has raised more than a third of its €3bn buyout fund.
PAI CEO Lionel Zinsou told French publication Les Echos that the fundraise was going as planned and the fund hit the €1bn mark in summer thanks in part to commitments from banks and insurance companies.
Zinsou said, “We thought that banks and insurers would not be there due to capital constraints; in reality (we saw) a sharp increase in their commitments.”
He also said that the €2.7bn fund raised in 2008 is now fully invested. The firm raised €5.4bn for that vehicle, but reduced its size after partners Dominique Mégret and Bertrand Meunier left the firm following a feud with Zinsou.
Zinsou, who joined PAI from Rothschild in 2008, will leave the firm in 2015 to be replaced by CIO Michel Paris.
In May this year AltAssets reported that PAI returned €4.6bn to investors across six exits in the past two years, bagging an average return of more than four times.
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