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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 12 SOURCES

PAI Partners

Also known as PAI SAS, PAI

Paris buyout firm with Paribas roots, independent since a 2001 MBO; large-cap and mid-market funds in food & consumer, business services, industrials and healthcare; c. €25bn AUM.

HEADQUARTERS
Paris, France
FOUNDED
—
AUM
€25B (2026)
OUTSIDE CAPITAL
Yes
TEAM LISTED
11 people

Focus

STAGES
Buyout
SECTORS
Consumer & E-commerceFood & AgricultureIndustrial & ManufacturingHealthTech
ASSET MIX
Private equity
GEOGRAPHY
EuropeNorth America

Overview

PAI traces its origins to Paribas’ investment business (1872), raised its first third-party fund, the PAI LBO Fund, in 1998 and became independent through a management buyout in 2001 after the BNP–Paribas merger. It invests in four sectors (food & consumer, business services, industrial goods & services, healthcare) through Flagship Funds targeting companies with enterprise values above €750m and Mid-Market Funds focused on France, Italy, Iberia, DACH and Benelux. It reports c. €25bn of assets under management, over 100 buyout transactions since 1994 and seven offices.

Investment thesis

Control investments in established companies in the real economy; Flagship Funds target enterprise values above €750m mainly in Europe and selectively North America, while Mid-Market Funds back niche leaders through deals with families, founders and corporates.

PORTFOLIO (12)

  • FroneriNOTABLE
    Food & Agriculture · since 2025
  • Motel OneNOTABLE
    Consumer & E-commerce · since 2025
  • Arlettie
    Consumer & E-commerce · since 2026
  • Cyrus
    Fintech · since 2026
  • Innovad Group
    Food & Agriculture · since 2026
  • Orion
    Climate & Energy · since 2025
  • Alvest
    Industrial & Manufacturing · since 2025
  • Nuzoa
    HealthTech · since 2025
  • Mecaer Aviation Group
    Industrial & Manufacturing · since 2026
  • Apleona
    Industrial & Manufacturing
  • Amplitude Surgical
    HealthTech
  • VITREA
    HealthTech

People

  • Frédéric Stévenin
    Managing Partner, Chair of the Investment Committee · source
  • Richard Howell
    Managing Partner, Head of the Client & Capital Group · source
  • Gaëlle d’Engremont
    Partner, Head of the Food & Consumer Team · source
  • Guillaume Leblanc
    Partner, Co-Head of the Business Services Team · source
  • Neil Mcllroy
    Partner, Co-Head of the Business Services Team · source
  • Andreas Kumeth
    Partner, Head of the Flagship Fund Team in DACH and the Nordics · source
  • Maud Brown
    Partner, Head of the US Team · source
  • Bertrand Monier
    Partner, Consumer Services Lead and PAI Performance Group Lead · source
  • Shane O’Driscoll
    Partner, Client & Capital Group · source
  • Stefano Drago
    Founding Partner, PAI Mid-Market Fund · source
  • Lydwine Alexandre
    CFO · source

Links

Frequently asked questions

PAI Partners is a private equity fund based in Paris, France.

Yes. PAI Partners invests its own capital in private companies.

PAI Partners invests at Buyout stage in Consumer & E-commerce, Food & Agriculture, Industrial & Manufacturing and HealthTech.

Key people at PAI Partners include Frédéric Stévenin (Managing Partner, Chair of the Investment Committee), Richard Howell (Managing Partner, Head of the Client & Capital Group), Gaëlle d’Engremont (Partner, Head of the Food & Consumer Team) and Guillaume Leblanc (Partner, Co-Head of the Business Services Team).

PAI Partners's investments include Froneri, Motel One, Arlettie, Cyrus, Innovad Group, Orion, Alvest and Nuzoa, among others.

The most recent publicly reported investment by PAI Partners is Arlettie (Buyout (majority stake, PAI Mid-Market Fund II)), announced in Jun 2026.

Yes. PAI Partners manages capital from outside investors.