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PAI Partners raises $1.1bn for debut mid-market fund, above original hard cap

Friday, March 12, 2021

Laxman Pai, Opalesque Asia:

PAI Partners has surged past both its target and hard cap for its debut mid-market fund to reach €920 million ($1.1bn) at the final close.

The pan-European private equity firm said in a press release that PAI Mid-Market Fund (PAI MMF) was raised entirely virtually and is above its €700m target and original €800 million hard cap, which was increased following significant investor interest.

The firm said its first foray into mid-market fundraising would invest alongside its larger-cap flagship fund PAI Europe VII, which it closed on €5.1bn three years ago.

The release said that PAI MMF would focus on rapidly scalable companies in the European mid-market, and has already been used to back Amplitude Surgical, Angulas Aguinaga, and MyFlower.

Other recent deal activity from PAI includes the €1.6bn buyout of technical facility management services company Apleona from fellow private equity major EQT.

Richard Howell, a Managing Partner and Head of the Investor Team, said: "We are delighted to announce this successful extension of the PAI platform, which will benefit from the firm's strong track record in transforming companies across Europe. I would like to thank all our investors for their continued support, which is a testament to their confidence in our investment strategy, the team's ability to identify industry themes, and our long-standing, on-the-ground presence in local markets."

Stefano Drago, Mateo Pániker Rumeu, and Raffaele ......................

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