European private equity firm PAI Partners is reportedly nearing a second close for its latest buyout fund, which is targeting €3bn.
PAI is expecting to hold a second close on €2.5bn, said Private Equity International.
In January this year it was reported that PAI Europe V had raised €1.4bn.
The Paris-based firm closed its previous fund on €2.7bn in 2008 and that vehicle 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 chairman and CEO Lionel Zinsou.
Zinsou, who joined PAI from Rothschild in 2008, will leave the firm in 2015 to be replaced by CIO Michel Paris.
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