PAI hits €3bn with latest fund

French buyout house PAI Partners is understood to have reached its €3bn target for its latest fund, according to a person familiar with the matter.

PAI’s sixth fund, which is understood to be oversubscribed, held its first close last January, raising €1.4bn, with a second €2.5bn closing last summer.

The firm is currently in the final round of bidding for Pepe Jeans in a deal which is expected to value the owners of menswear brand Hackett at €800m.

In 2009 a dispute between the firm’s then management caused PAI to cut its previous €5.4bn vehicle in half. Real Deals reported at the time that the Canada Pension Plan Investment Board had pushed for a larger cut in its 2009 fund. The fund’s LPs pledged to invest 30 per cent more in PAI’s latest vehicle should CPPIB have chosen not to re-up.

It is not known if CPPIB invested in PAI’s latest vechile. PAI declined to comment on the fundraising.