Advent snaps up PAI rainmaker

Sébastien Veil, who spent 8 years at French firm PAI, joined the buyout firm's Paris office last month.

Advent International has hired former PAI Partners dealmaker Sébastien Veil as a director in its Paris office, according to a statement from the firm.

Veil spent eight years at the French buyout house, where he was involved in sourcing, executing and monitoring large and mid-cap buyouts in France, Spain and the UK.

Veil took up the role at Advent on 22 August, and will focus on the firm’s investments in the business and financial services, and industrial sectors.

“This senior appointment reinforces Advent’s presence in France, a market in which we have been active and continuously developing our business for almost 20 years,” Cédric Chateau, managing director and head of Advent in Paris, said in the statement.

In March Advent closed its eighth flagship buyout fund on its $13 billion hard-cap after just six months on the road, with 90 percent of the commitments from existing investors.

The fund, which had an initial target of $12 billion, was marketed without a return hurdle rate, with limited partners paying 1.5 percent on committed and invested capital and the manager taking 20 percent of profits accrued over the lifetime of the fund, as reported by Private Equity International.

Investors in Advent International Global Private Equity VIII include the Los Angeles City Employees’ Retirement System, Massachusetts Pension Reserves Investment Management Board, the Rhode Island State Treasury, and Fubon Life Insurance, according to PEI Research & Analytics.