PAI Mid-Market holds €500m first close towards €700m target

The fund was launched in January 2020 to complement PAI's existing large-cap strategy.

The vehicle will invest in companies with enterprise values in the €100-300m range that operate in the business services, consumer, healthcare and industrial sectors in Italy, Spain, Germany, France and the Benelux region. It will deploy tickets of €50-150m and  pursue buy-and-build strategies aiming at supporting its portfolio companies' market consolidation and international expansion.

The fund is co-led by PAI partners Raffaele Vitale and Stefano Drago, alongside Mateo Pániker Rumeu, who joined the firm from Ventura Equity Partners. Pániker Rumeu previously spent approximately 12 years as senior principal and member of the investment committee at Investindustrial, working from the firm's Spanish office.

PAI is currently investing its seventh fund, PAI Europe VII, which hit its €5bn hard-cap in March 2018. The fund invests in European companies operating in a variety of sectors, including business services, consumer, industrials and healthcare, with enterprise values of €300m-1.5bn. It deploys equity tickets in the €150-400m range and plans to make 15‐17 investments.

In addition, PAI transferred the two remaining assets of its fifth fund – Froneri and Marcolin – to a new vehicle, realising liquidity for the firm and some of its LPs. The new vehicle is called PAI Strategic Partnerships and is roughly €2bn in size; it has a five-year term with the possibility of two one-year extensions. Lead investors include AlpInvest Partners, Goldman Sachs Asset Management and Harbourvest Partners.

PAI declined to comment.

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