Ex-PAI keyman joins CVC

Meunier will be based in London. His responsibilities will include leading the firm's global consumer goods activities, as well as overseeing CVC's development in France.

Meunier and then-CEO Dominique Megret left French large-cap buyout house PAI Partners in 2009, following a dispute with other partners. The move triggered a key-man clause on the €5bn PAI Europe V vehicle, a 2007 vintage that was at the time the largest fund ever raised in continental Europe. Following months-long negotiations, PAI received LP approval to halve the fund to just less than €2.7bn, restarting the investment process.

Meunier and Megret then founded M&M Capital, a private partnership in which Meunier was managing partner. Earlier this year, the duo were said to be looking into raising a €1bn fund - directly competing with their former employer for investors' money, as PAI is also aiming to start raising its new €3bn vehicle in 2012.

Commenting on Meunier's appointment at CVC, Rolly van Rappard, co-head of global investments for the firm, said: "Bertrand brings 30 years of expertise, experience and leadership in the private equity industry to CVC and we are very much looking forward to working with him to further develop our consumer goods expertise, as well as our development in France where Bertrand has excelled in the past."

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