PAI Partners closes new $7.6 billion fund, surpassing target

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LONDON, Nov 13 (Reuters) – French buyout group PAI Partners said it had raised 7.1 billion euros ($7.59 billion) for its latest fund, surpassing its target despite difficulties in drawing new money by private equity groups.

The fund will be invested in companies in Europe and North America, and is about 40 percent larger than the predecessor fund (PAI Europe VII), which closed at 5.1 billion euros in 2018, the company said.

“This successful final close for PAI Partners VIII, at a size 40% larger than its predecessor in a challenging environment, reaffirms the confidence investors have in PAI’s Real Economy strategy and our ability to perform consistently through the cycle,” said Richard Howell, a Managing Partner at PAI in a statement Monday.

Fundraising conditions have been difficult for buyout groups given rising interest rates.

Challenging macroeconomic conditions and geopolitical concerns are weighing on expected returns in Europe and assets under management in the region are expected to grow at a slower rate, according to data provider Preqin. European assets under management are forecast to grow 8.4 percent by 2028, down from 12.2 percent in 2016 to 2022.

PAI, which has 26 billion euros under management, said this new Fund VIII has already deployed around 35 percent of its total capital with seven investments to date, including in the Looping Group, ECF Group, Azets Group, Infra Group and Alphia Inc.

Image by: PAI Partners

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Edmund Shing, PhD

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BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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