PAI Partners raises €5bn

The Paris-based firm hits hard cap on its seventh pan-Europe vehicle.

PAI Partners held a final close for its seventh pan-Europe fund, PAI Europe VII, at a hard cap of €5 billion.

Generating investor demand of over €15 billion at an initial target size of just €4 billion, the oversubscribed fund will continue PAI’s strategy of building companies through investment and consolidation across multiple sectors. The fund received capital commitments of €200 million from the Washington State Investment Board (WSIB); €150 million from the Los Angeles County Employees’ Retirement Association (LACERA); and €125 million from the Pennsylvania Public School Employees’ Retirement System (PSERS).

The Paris-based firm’s predecessor vehicle, PAI Europe VI, closed on €3.3 billion in 2015.