Pan-European firm PAI Partners is opening an office in New York to help its portfolio companies find new opportunities in the US and to assist investor relations, a source with knowledge of the matter told Private Equity International.
The office opening in May will be headed by partner Raffaele Vitale, who currently heads up the firm's Italian team, according to reports. Vitale will supervise the New York team from Milan, but will provide management oversight of the new office, which will be primarily used to find add-on acquisitions for the firm's European portfolio companies. An unnamed executive from a U private equity firm will also join the new office, along with several junior executives the firm is expected to hire later in the year.
The new office follows the promotion of four partners earlier this month across its offices in Paris and Milan, as reported by PEI.
The firm is currently investing PAI Europe VI, a 2014-vintage vehicle that held a final close last year on €3.28 billion, above its €3 billion target.
PAI Partners has assets under management totaling €7.6 billion and additional offices in London, Luxembourg, Madrid, Milan, Munich and Stockholm.