UNQUOTE

FRANCE - PAI offers investors to halve commitment

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PAI Partners has offered to return up to 50% of undrawn commitments back to investors in its fifth fund, following the departure of chief executive Dominique Megret and his right hand man Bertrand Meunier, which triggered a key man clause.

After a meeting with the fund's 150 investors last week, suggestions were made that the vehicle would most likely be reduced by 20-40%. However, one investor told France unquote" he expected undrawn commitments to be reduced by up to 50%.

This was confirmed in a letter sent to the funds investors by Lionel Zinsou, the new chief executive. With only EUR 800m committed so far this could mean that EUR 2.3bn will be returned to investors.

According to reports, PAI maintain that even if the fund is reduced significantly there will be no shift in investment strategy and the firm stressed that it is keen for the fund suspension to be ended.

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