November 15, 2023

On November 13, Willkie client PAI Partners announced the final close of its latest Flagship Fund, PAI Partners VIII. Fund VIII surpassed its fundraising target, securing €7.1 billion in total capital commitments and is 40% larger in size compared to its prior flagship fund which closed at €5.1 billion in 2018.

The Fund received support from its existing investors with a re-up rate of c. 90% including leading public and private pension funds, sovereign wealth funds, financial institutions and family offices, with growth in commitments from every region. Fund VIII was also sourced with over €2 billion of capital from new investors.

The successful closing reflects the investor confidence in PAI’s investment strategy of transforming businesses into high performing strategic global assets in Europe and North America.

Willkie’s fund formation team in Paris previously advised PAI Partners on fundraisings including Fund PAI Europe III, PAI Europe IV, PAI Europe V, PAI Europe VI and PAI Europe VII.

Fund VIII has already deployed approximately 35% of its total capital with seven investments to date, including ECG / Vacanceselect, NovaTaste, the Looping Group, ECF Group, Azets Group, Infra Group and Alphia, Inc.

PAI Partners is a preeminent private equity firm investing in market-leading companies across the globe. PAI has c. €26 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised c. €23 billion in proceeds from 58 exits.

The Willkie team was led by partner Nathalie Duguay, and included partners Phillip Isom, Giovanni Smedley, Isaac Silverstein, and Henrietta de Salis. The team also included associates Anthony Civico, Matthew A. Pei, Tatyana Lozé, Gianluca Darena, Marie-Charlotte Inedjian and Alice Menetrier.