PAI's Zinsou to retire; succession plans underway

According to two sources close to the firm, current chief investment officer Michel Paris will become chief executive, while Zinsou will join the firm's supervisory board before he retires in 2017. There are also reports that Zinsou could replace PAI's current chairman of the supervisory board Amaury Daniel de Seze, though this matter is still in discussion. 

PAI's bi-laws demand a retirement age of 63. As Zinsou is currently 57, the succession plans show the firm is managing the upcoming changes well in advance.

Zinsou joined PAI in 2008 as chief executive. His arrival sparked internal controversy, resulting in the departure of key partners Bertrand Meunier and Dominique Mégret, which then triggered a key-man clause on its €5.4bn fund closed in May 2008.

Despite internal turmoil at that time, stellar exits since then – and particularly in 2011 – brought about an impressive turnaround for the firm. These include the sale of Kwik-Fit to Japanese trade buyer Itochu for £637m, followed by the divestment of Yoplait, which generated a 10x money return. The buyout house then sold French mortgage insurance services company Compagnie Européenne de Prévoyance to JC Flowers for around €850m to cement its return to success.

On the back of these strong exits, PAI has been on the road for its latest vehicle, which has a €3bn target and is expected to secure roughly €1bn already in the form of a dry close by July.

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