Our approach > Funds & investors
We have a large and diversified investor base across our funds
Our investors
We take a global view on our relationships with investors, ensuring we take care of our primary fund relationships as well as delivering substantial co-investment opportunities.
Our limited partners include:
- Public and private pension funds
- Sovereign wealth funds
- Financial institutions
- Family offices
Global reach
We are deeply entrenched in Europe, with access to the North America investor base across our funds.
We have c. €25 billion in assets under management.
The investor base across our funds comprises:
- 48% Europe
- 25% North America
- 16% Asia Pacific
- 3% Latin America
- 8% Middle East
Transparency
We maintain transparency through robust investor-relations programmes including regular meetings, reporting and co-investment opportunities.
All our investors are fully informed about PAI and our portfolio companies through a variety of different channels, including annual and mid-year investor meetings (in Paris, London and New York), quarterly financial reporting and deal-by-deal presentations. We also hold a continuous programme of individual meetings throughout the year.
As well as this, we are fully coordinated around the broader investment activities of our limited partners, whether in the form of co-investment, mezzanine or senior debt.
Transforming
Our funds
Flagship Funds
Our Flagship Funds target investments in the upper mid-market and large-cap space, focusing on companies with enterprise values exceeding €750 million.
PAI Partners VIII invests primarily across Europe and selectively North America, leveraging our extensive network and deep understanding of diverse markets to build European and global leaders.
Our Flagship Funds prioritise investments in established, resilient businesses operating within sectors of the real economy – the traditional industry sectors essential to global economic activity.
Our unique sector heritage gives us a distinctive perspective on long-term sector evolution and a deep understanding of sub-sector trends and company potential, enabling us to identify opportunities to scale local platforms with regional or transatlantic potential.
PAI Partners VIII closed in November 2023, securing around €7.1 billion – surpassing its fundraising target and demonstrating the strong investor confidence in PAI’s Flagship strategy. The fund is approximately 40% larger than its predecessor, further enhancing PAI’s ability to pursue compelling investment opportunities and create value for our investors.
Mid-Market Funds
Our Mid-Market Funds (MMF) focus on mid-market companies within our sectors in the real economy and in Europe, namely across France, Italy, Iberia, DACH and Benelux. These are areas where we have institutionalised knowledge and deep local networks with decades of experience.
In particular, the funds are set up to balance autonomy with integration through a unique governance arrangement that fosters entrepreneurialism and collaboration. They target niche champions with defensive growth attributes operating in high-growth segments that benefit from attractive, long-term, structural tailwinds.
The portfolio is created through proprietary and partnership deals with families, founders and corporates, and is built on a unique combination of platform and local resources.
The funds have full support from our dedicated operational group, the PAI Performance Group (PPG), to drive transformation – and by leveraging our ecosystem through local offices and knowledge sharing, we create regional leaders through internationalisation.
The inaugural Mid-Market Fund closed in March 2021 with a total of c. €920 million of commitments, above its €700 million target and original €800 million hard cap, which was increased following significant investor interest.
Our funds
Continuation vehicle
PAI Strategic Partnerships II
Quick facts:
2025 vintage
€1.8bn
Status:
Harvesting
Flagship
PAI Partners VIII
Quick facts:
2023 vintage
€7.1bn
Status:
Investing
Mid-market
PAI Mid-Market Fund
Quick facts:
2020 vintage
€918m
Status:
Harvesting
Continuation vehicle
PAI Strategic Partnerships
Quick facts:
2019 vintage
€2.0bn
Status:
Fully realised
Flagship
PAI Europe VII
Quick facts:
2018 vintage
€5.1bn
Status:
Harvesting
Continuation vehicle
Stensmolla
Quick facts:
2018 vintage
€689m
Status:
Fully realised
Flagship
PAI Europe VI
Quick facts:
2014 vintage
€3.3bn
Status:
Harvesting
Flagship
PAI Europe V
2008 vintage
€2.7bn (pending final proceeds)
Status:
Fully realised
Flagship
PAI Europe IV
2005 vintage
€2.7bn
Status:
Fully realised
Flagship
PAI Europe III
2001 vintage
€1.8bn
Status:
Fully realised
Flagship
PAI LBO Fund
Quick facts:
1998 vintage
€650m
Status:
Fully realised
