PAI Partners
PAI Partners is one of the leading European private equity firms, founded in 1872 and headquartered in Paris. It manages approximately €20 billion in assets and invests in market-leading companies across consumer, business services, healthcare, and industrials sectors, partnering with management teams to drive sustainable growth and transformation.
Key facts
Recent exits
Coverage notes
12 funds tracked, 115 portfolio companies (55 active · 60 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
113 companiesFunds & portfolio
Every fund PAI Partners has raised, with its portfolio companies. Hand-checked from public filings.
PAI Strategic Partnerships IIBuyout2025 · 1yr€1.8B1 active
PAI Mid-Market Fund IIBuyout2025 · 1yr4 active
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Business Services |  France | 2026 | |
| Business Services | France | 2025 | |
| Business Services |  Italy | 2025 | |
| Industrials | Italy | 2025 |
France· Entry 2026France· Entry 2025Italy· Entry 2025Italy· Entry 2025PAI Partners VIIIBuyout2023 · 3yr€7.1B11 active
Unrealized
11 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer |  US | 2023 | |
| Industrials | France | 2025 | |
| Business Services |  UK | 2024 | |
| Business Services | UK | 2023 | |
| Business Services | France | 2023 | |
| Business Services |  Belgium | 2023 | |
| Consumer | Belgium | 2026 | |
| Consumer |  Germany | 2025 | |
| Consumer |  Austria | 2023 | |
| Industrials | Italy | 2026 | |
| Consumer | France | 2023 |
US· Entry 2023France· Entry 2025UK· Entry 2024UK· Entry 2023France· Entry 2023Belgium· Entry 2023Belgium· Entry 2026Germany· Entry 2025Austria· Entry 2023Italy· Entry 2026France· Entry 2023PAI Mid-Market FundBuyout2020 · 6yr€918M11 active · 2 realized
Unrealized
11 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer |  Spain | 2020 | |
| Consumer | Italy | 2024 | |
| Consumer | Germany | 2023 | |
| Consumer | France | 2021 | |
| Business Services | France | 2023 | |
| Consumer | France | 2021 | |
| Healthcare | France | 2024 | |
| Business Services | Spain | 2025 | |
| Healthcare | Germany | 2022 | |
| Industrials | Italy | 2021 | |
| Healthcare | Austria | 2024 |
Spain· Entry 2020Italy· Entry 2024Germany· Entry 2023France· Entry 2021France· Entry 2023France· Entry 2021France· Entry 2024Spain· Entry 2025Germany· Entry 2022Italy· Entry 2021Austria· Entry 2024Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Healthcare | France | 2020 | 2025 | Trade Sale | – | ||
| Consumer | Spain | 2022 | 2026 | Secondary | – |
PAI Strategic PartnershipsBuyout2019 · 7yr€2.0B0 active · 2 realized
StensmollaBuyout2018 · 8yr€689M0 active · 1 realized
PAI Europe VIIBuyout2018 · 8yr€5.1B15 active · 3 realized
Unrealized
15 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Business Services | France | 2021 | |
| Consumer | Spain | 2019 | |
| Industrials |  Luxembourg | 2020 | |
| Consumer | France | 2019 | |
| Consumer | France | 2021 | |
| Consumer | France | 2021 | |
| Business Services | UK | 2022 | |
| Industrials | Italy | 2021 | |
| Industrials | France | 2021 | |
| Industrials | France | 2019 | |
| Consumer | UK | 2021 | |
| Healthcare | UK | 2022 | |
| Consumer | US | 2022 | |
| Healthcare | Germany | 2022 | |
| Healthcare | Germany | 2019 |
France· Entry 2021Spain· Entry 2019Luxembourg· Entry 2020France· Entry 2019France· Entry 2021France· Entry 2021UK· Entry 2022Italy· Entry 2021France· Entry 2021France· Entry 2019UK· Entry 2021UK· Entry 2022US· Entry 2022Germany· Entry 2022Germany· Entry 2019Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Business Services | Germany | 2021 | 2025 | Secondary | – | ||
| Consumer | France | 2018 | 2022 | Trade Sale | – | ||
| Business Services | France | 2018 | 2026 | Trade Sale | – |
PAI Europe VIBuyout2014 · 12yr€3.3B8 active · 11 realized
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Logistics | France | 2018 | |
| Healthcare | France | 2017 | |
| MedTech | France | 2016 | |
| Healthcare | Spain | 2015 | |
| Business Services | France | – | |
| Consumer | France | – | |
| Business Services | UK | – | |
| Consumer | Belgium | 2015 |
France· Entry 2018France· Entry 2017France· Entry 2016Spain· Entry 2015FranceFranceUKBelgium· Entry 2015Realized
11 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| MedTech |  Sweden | 2016 | 2022 | Trade Sale | – | ||
| Hospitality | France | 2016 | 2019 | Trade Sale | – | ||
| Healthcare | France | 2014 | 2017 | Secondary | – | ||
| Healthcare | Italy | 2017 | 2024 | Trade Sale | |||
| Business Services | Spain | 2015 | 2019 | Secondary | – | ||
| Industrials | US | 2014 | 2018 | Trade Sale | – | ||
| Business Services | UK | 2018 | 2024 | Secondary | – | ||
| FoodTech |  Netherlands | 2018 | 2022 | Secondary | – | ||
| Consumer | Netherlands | 2016 | 2020 | Trade Sale | – | ||
| Consumer | Spain | 2017 | 2025 | Trade Sale | – | ||
| Business Services | France | 2018 | 2026 | Trade Sale | – |
PAI Europe VBuyout2008 · 18yr€2.7B2 active · 11 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | France | 2013 | |
| Healthcare | France | 2010 |
France· Entry 2013France· Entry 2010Realized
11 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Belgium | 2013 | 2017 | Secondary | – | ||
| Business Services | France | 2008 | 2015 | – | – | – | |
| Healthcare | France | 2010 | 2017 | Secondary | – | ||
| Consumer | UK | 2013 | 2019 | Continuation Vehicle | – | ||
| Consumer | Netherlands | 2011 | 2016 | Secondary | – | ||
| Industrials | France | 2013 | 2017 | Secondary | – | ||
| Industrials | France | 2011 | 2018 | Trade Sale | – | ||
| Consumer | Italy | 2012 | 2019 | Continuation Vehicle | – | ||
| Business Services |  Switzerland | 2011 | 2016 | Trade Sale | – | ||
| Consumer | Switzerland | 2011 | 2014 | Trade Sale | – | ||
| Construction | Germany | 2008 | 2017 | Secondary | – |
France· Entry 2008PAI Europe IVBuyout2005 · 21yr€2.7B1 active · 9 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | Sweden | 2005 |
Sweden· Entry 2005Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer |  Denmark | 2005 | 2012 | Secondary | – | ||
| Industrials | France | 2005 | 2016 | Trade Sale | – | ||
| Consumer | Spain | 2005 | 2017 | Secondary | – | ||
| – | France | 2007 | 2017 | IPO | – | ||
| Business Services | UK | 2005 | 2011 | Trade Sale | – | ||
| Industrials | France | 2007 | 2009 | – | – | – | |
| Industrials | Sweden | 2005 | 2018 | Continuation Vehicle | – | ||
| Business Services | France | 2006 | 2011 | Secondary | – | ||
| Consumer | UK | 2006 | 2014 | – | – | – |
France· Entry 2007UK· Entry 2006PAI Europe IIIBuyout2001 · 25yr€1.8B0 active · 13 realized
Realized
13 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | France | 2002 | 2004 | Trade Sale | – | ||
| Business Services | France | 2005 | 2011 | Secondary | – | ||
| Business Services | France | 2002 | 2007 | Secondary | – | ||
| Industrials | Germany | 2005 | 2013 | Secondary | – | ||
| Consumer | Italy | 2005 | 2011 | Secondary | – | ||
| Industrials | Spain | 2001 | 2005 | Secondary | – | ||
| Consumer | France | 2002 | 2005 | Trade Sale | – | ||
| Consumer | Netherlands | 2002 | 2007 | Secondary | – | ||
| Consumer | Italy | 2004 | 2009 | Trade Sale | – | ||
| Industrials | France | 2005 | 2007 | Trade Sale | – | ||
| Consumer | UK | 2001 | 2006 | Trade Sale | – | ||
| Consumer | France | 2004 | 2007 | Secondary | – | ||
| Consumer | France | 2002 | 2011 | Trade Sale | – |
PAI LBO FundBuyout1998 · 28yr€650M0 active · 8 realized
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Pharma | France | 1999 | 2003 | Secondary | – | ||
| Industrials | France | 2000 | 2003 | Secondary | – | ||
| Industrials | France | 1998 | 2006 | Secondary | – | ||
| Consumer | Germany | 1999 | 2004 | – | – | – | |
| – | UK | 1999 | 2001 | Trade Sale | – | ||
| Healthcare | France | 1998 | 2006 | – | – | – | |
| Industrials | France | 2000 | 2006 | – | – | – | |
| Consumer | France | 1999 | 2008 | Trade Sale | – |
Germany· Entry 1999France· Entry 1998France· Entry 2000Saved GPs appear in your watchlist, one click from your workspace.
About PAI Partners
PAI Partners is one of the leading European private equity firms with €33.0 billion of assets under management as of December 2024, headquartered in Paris with offices in London, Madrid, Milan, Munich, New York and Stockholm. The firm traces its origins to Paribas Affaires Industrielles, the principal investments arm of Banque Paribas founded in 1872, before becoming independent in 2002 following the BNP Paribas merger. PAI is partner-owned and focuses exclusively on direct buyout investments in the European mid and large-cap segments.
Investment thesis
PAI deploys capital from successive flagship buyout funds into majority and significant minority stakes in European-headquartered businesses across consumer, business services, healthcare, industrials and TMT. The firm targets companies with €300 million to €3 billion in enterprise value, with average equity tickets of €200 million to €700 million per deal. PAI emphasises operational value creation through dedicated portfolio improvement teams, sector specialists and a long-standing partnership culture with management teams across multiple fund vintages.
Recent activity
Recent realised exits include Uvesco (consumer, 2026), Amplitude Surgical (healthcare, 2025), Froneri (consumer, 2025, a continuation-fund-led recapitalisation transferring the ice cream platform to a new vehicle) and Marcolin (consumer, 2025). The platform tracks 12 funds, 46 active portfolio companies and 59 realised exits across its 30-year track record, with ongoing fundraising momentum in the flagship buyout strategy. Detailed buyer names and multiple data available on Pro at €29/month.
Portfolio platforms backed by PAI Partners made 11 researched add-on acquisitions during its ownership. See the roll-up tracker
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