FRANCE - Investors discuss future of PAI fund

Investors are likely to ask to reduce commitments to the fund by around a third with the worst-case scenario being a complete wind-down of the fund.

Dominique Mégret and Bertrand Meunier were reportedly forced out after falling out with the team. Lionel Zinsou stepped up to head the fund. In a move to reassure investors, PAI also drafted in former chairman Amaury de Sèzeas who retired two years ago.

The disagreements which led to the departure may have stemmed from PAI losing its entire investment in roofing company Monier to its creditors and the sale of Italian Espresso machine manufacturer Saeco to Philips at a loss.

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