PAI Raises €7.1 Billion for New Buyout Fund, Surpassing Target

French private equity firm PAI Partners raised €7.1 billion ($7.6 billion) for its latest fund to invest in “real-economy” companies in Europe and North America, marking one of the larger European fundraisings this year.

PAI Partners VIII surpassed the firm’s target of €7 billion, and is about 40% larger than its predecessor fund, which raised €5.1 billion in 2018, according to a statement.

The new investment vehicle comes amid a tricky fundraising environment for buyout firms, with investors becoming pickier about where they allocate their cash. While some are flocking to multi-strategy asset managers, others are doubling down on specialized ...