PAI Partners halfway to €3bn target for buyout fund


Paris-based private equity firm  PAI Partners has raised €1.4bn towards it latest buyout fund, Reuters has reported.

The firm is seeking to raise €3bn in total, and has been fundraising for ten months to date. In October, PAI was reported to have passed the €1bn mark.

The firm’s €2.7bn predecessor fund raised in 2008 is now fully invested. It 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 2013 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.

The FTE deal followed a string of successful exits for the fund, with the previous six sales securing the firm an average return of four times and returning €4.6bn to investors.

Sales included the exit of engineering company Spie for $2.1bn in September 2011, yoghurt maker Yoplait for €800m in March of the same year and food ingredients firm Chr. Hansen for £460m in January 2012.

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