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PAI launches sixth fund after bagging more than 4x return from last six exits

8 May 2013

paris 11_sqParis-based private equity firm PAI Partners has launched a new European buyout fund following a string of successful exits.

The new PAI Europe VI fund has yet to receive any commitments and there is no minimum investment requirement for outside investors, a document files with the US Securities and Exchange Commission showed.

The firm, which refused to comment on the ongoing fundraise, did not disclose how much the fund is targeting in the filing.

The fund launch comes five years after PAI raised €2.7bn for the previous vehicle

Over the past two years the firm has returned €4.6bn to investors across six exits, bagging an average return of more than four times, a source with knowledge of the situation told AltAssets.

The deals included the exits from engineering company Spie for $2.1bn in September 2011, yoghurt maker Yoplait for €800m in March of the same year and from food ingredients firm Chr. Hansen for £460m in January last year.

The six companies sold by PAI posted EBITDA growth of 107 per cent on average during the firm’s ownership.

Since 1998 PAI has invested €6.8bn in buyouts of European companies.

The companies held in the €2.7bn fifth fund include Swissport, which has recently bought Scandinavian Airline Systems’s (SAS) handling operations in Denmark, Sweden and Norway.

Last month it was reported that the firm planned to fund the buyout of R&R Ice Cream from Oaktree with a €253m five year Payment-In-Kind Toggle note.

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