PAI and Warburg Pincus see big fund closings

PAI partners has held the final close of its new fund PAI Europe V on EUR5.4bn. The new fund is twice the size of its predecessor PAI Europe IV. PAI will continue to follow its strategy of seeking controlling equity investments in LBO deals with a preferred transaction value between EUR500m-3bn. Additionally PAI will offer a deal-by-deal opportunity for its LPs to co-invest alongside the fund favouring this approach over other types of co-investments.

Warburg Pincus has closed its latest global fund, Warburg Pincus Private Equity X, on $15bn, exceeding by $3bn its $12bn target. Warburg Pincus closed its last private equity fund, Warburg Pincus Private Equity IX, on $8bn in 2005.

The fund has already made 10 investments. On the domestic front Astorg closed a France-focused buyout fund, Astorg IV, on EUR800,5m. The new fund will focus on French mid-cap LBO deals with values of between EUR100m and EUR700m. Astorg IV is 25% invested after three transactions in 2007. (Page 05)

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