• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Funds

PAI Partners mulls €4bn fund launch by year-end

Back on the fundraising trail
GP plans a quick return to the fundraising trail, following a busy 24 months in the wake of its previous close
  • Greg Gille
  • Greg Gille
  • @unquotenews
  • 26 July 2017
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Buyout stalwart PAI Partners is aiming to return to market with a €4bn vehicle by the end of 2017, unquote” understands.

A person familiar with the situation confirmed that the GP is looking to launch its new fund with a €4bn target in Q4, as first reported by Private Equity News.

PAI declined to comment on fundraising.

This would mark a quick return to the fundraising trail for the GP, following a busy 24 months in the wake of its previous close – PAI officially closed PAI Europe VI on €3.3bn in March 2015. The fund's hard-cap of €3bn, which was reached back in January of that year, was raised to meet demand from investors, the GP said at the time. The fund held a €1.4bn first close in January 2014 and had already made seven deals by the time of the final close.

According to unquote" data estimates, the vehicle was around two thirds invested as of April 2017. The GP notably deployed it for the buyout of Spanish fashion retailer Grupo Cortefiel earlier this week, thought to be worth in the region of €1bn. It also invested in the acquisition of EliTech Group in May 2017, as well as the €825m buyout of French budget accommodation operator B&B Hotels and the €830m purchase of Swedish medical technology company Atos Medical last year.

PAI Europe VI has already started divesting part of its portfolio as well: in June, the GP agreed the sale of French private nursing homes operator DomusVi after a three-year holding period.

Click here for a full profile of PAI Europe VI, including a comprehensive list of LPs and investments, on unquote” data

The firm has also divested assets from its fifth fund in recent weeks, including airfield ground lighting specialist ADB Safegate, sold to Carlyle. According to Reuters, the sale valued ADB at €900m, representing more than 10x its expected 2017 EBITDA of €70-80m. PAI also agreed to sell French pharma group Cerba Healthcare to Partners Group and Canadian pension fund Public Sector Pensions Investments; though the deal value was not confirmed by the GP, several sources reported a €1.8-1.9bn valuation for Cerba, representing 12x the company's EBITDA. In May, Advent International entered into exclusivity over the acquisition of industrial supplier IPH from PAI.

PAI raised €5.4bn for PAI Europe V in 2008, but internal controversy sparked by the arrival of Lionel Zinsou resulted in the departure of key partners Bertrand Meunier and Dominique Mégret. This triggered a key-man clause on the 2008 fund, which was ultimately halved to €2.7bn. In the end, extra concessions on fees and corporate governance swayed two-thirds of investors to support the restructuring and to restart the shrunken fund. PAI has been on the mend since then and took advantage of improved conditions in 2011 to kickstart a hefty divestment effort.

Between the fund V restructuring and the PAI Europe VI close, the GP made 10 exits and returned around €7bn to its investors, with an average 3.5x return on investment. Notable exits included Yoplait (10x), Compagnie Européenne de Prévoyance (16x), United Biscuits (3.7x), Nuance Group (3x) and Atos (>2x).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Funds
  • Fundraising
  • France
  • UK / Ireland
  • Nordics
  • Southern Europe
  • Benelux
  • DACH
  • PAI Partners

More on Funds

Fund closes in US dollars
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • Funds
  • 05 September 2023
Bettina Curtze of Redalpine
Redalpine expands leadership team amid CHF 1bn-plus fundraise

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • Venture
  • 31 August 2023
Andris K. Berzins of Change Ventures
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024

Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds

  • Funds
  • 31 August 2023
Fund launches in euros
Iron Wolf Capital targets EUR 70m for second vehicle

Baltic investor anticipates early 2024 launch and will focus on early-stage AI and deeptech startups

  • Funds
  • 30 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013