PAI promotes Stévenin to CIO – Exclusive

Frédéric Stévenin takes over the role from Michel Paris, who remains CEO.

PAI Partners has told investors that Frédéric Stévenin is taking over the role of chief investment officer, Private Equity International has learned.

The position has been held by Michel Paris since 2009. In 2015 Paris became chief executive officer after Lionel Zinsou stepped down to become prime minister of West African nation Benin. Paris has held both roles since then.

The separation of the positions will allow Paris to focus on the management of the firm, while Stévenin will further develop PAI’s origination capabilities, it is understood.

PAI declined to comment on the appointment.

Stévenin first joined PAI in 1993 and oversees the firm’s food and consumer goods and healthcare sector teams. He left in 1998 to join Deutsche Bank/Bankers Trust in the European acquisitions and finance group, before returning to PAI in 2001, according to the firm’s website.

It is understood that Stévenin will continue to be a key partner on relevant deals.

The promotion follows a strong year for PAI, which is currently investing its €3.3 billion sixth fund. The firm made several acquisitions, as well as offloading building materials maker Xella to buyout group Lone Star in a deal generating more than 2x, and completing the $2.8 billion sale of airport luggage handler Swissport to HNA Group, the owner of China’s fourth-largest airline, generating a return of more than 3x.

In 2016 PAI also opened an office in New York to help its portfolio companies find new opportunities and to assist with investor relations.

Look out for our exclusive interview with Michel Paris in the February edition of Private Equity International