Tuesday May 6, 10:19 AM
PAI Partners closes private equity fund PAI Europe V at 5.4 billion euros
LONDON (Thomson Financial) - French buyout firm PAI partners ('PAI') announced the final closing of its private equity fund PAI Europe V at 5.4 billion euros ($8.5 billion).
PAI Europe V is double in size compared to the predecessor fund raised only three years ago.
The fund received commitments from around 130 investors in 23 different countries, 63 percent of commitments coming from Europe, 26 percent from North America, and 11 percent from Asia and the Middle East. PAIs existing investors represent over 70 percent of commitments to PAI Europe V.
PAI Europe V said it will target transactions ranging from 500 million euros to several billion euros in enterprise value and the fund will be managed by a team of about 50 professionals led by 18 partners.
PAI is organised around three sector teams -- services, capital goods and consumer goods.
Since 1998, PAI has completed 34 leveraged buyouts in nine European countries, representing over 28 billion euros in transaction value.
The media reported in April that PAI's portfolio company Spie was a potential suitor for French electrical engineering group Cegelec.
Earlier this year, it was also reported that PAI Partners had bought back second-lien debt raised to support the buyout of a roof construction business of French company Lafarge (Paris: FR0000120537 - news) for almost 2 billion euros.
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