PAI Private Equity
PAI Management Resigns
2 Senior Executives Leave France’s Largest PE Firm
PAI Partners will lose two of its most experienced executives after significant losses on some of the firm’s investments. The sudden loss of Dominique Megret forces PAI to renegotiate its latest €5.4bn fund with investors. Megret has been a part of PAI Partners since 1974, taking the helm three years ago. He passed his role as CEO to Lionel Zinsou who has only been with the firm for a year. Bertrand Meunier, another veteran of 27 years at the firm, has also announced his resignation from PAI Partners.
Michel Paris, currently head of capital goods and services, will replace Mégret as chairman of PAI’s investment committee when Mégret takes his early retirement next year.Mégret’s departure will trigger a “key man” clause in the €5.4bn fund, which could in extreme cases lead to the winding up of a fund. Reports have stated, however, that PAI is more likely to make some concessions on the size and terms of the fund in order to keep its investors on board.
PAI is enlarging its executive committee to include more non-French partners. Ricardo de Serdio, head of PAI’s Spanish office, and Raffaele Vitale, head of Italy, are two who are coming aboard. Source
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