PAI Partners is a French private equity firm based in Paris. It is one of the oldest firms in the sector, with its origins dating back to Paribas Affaires Industrielles, historically the principal investment arm of Paribas, which started operations in 1872.

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PAI Partners SAS

Company type	Private
Industry	Private equity
Founded	1998; 26 years ago (1998)
Headquarters	Paris, France
Key people	Michel Paris (chief executive officer) Frédéric Stevenin (chief information officer)
Products	Private equity funds
Total assets	€25.4 billion[1]
Number of employees	138
Website	www.paipartners.com

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PAI manages €25.4 billion of dedicated buyout funds. Since 1994, PAI has completed 65 LBO transactions in 11 European countries, representing over €48 billion in transaction value. PAI has 62 agents from 10 countries and teams in Paris, London, Luxembourg, Madrid, Milan, Munich, Stockholm and New York City.

PAI was formerly known as Paribas Affaires Industrielles,^[2][3] and was historically the principal investment arm of Paribas. PAI LBO Fund, established in 1998, was the first PAI investment vehicle managing third party capital. Prior to 1998, PAI invested exclusively on the balance sheet of BNP Paribas.

Paribas merged with Banque Nationale de Paris in 2000.^[4] In 1993, Amaury de Sèze joined Paribas Affaires Industrielles as chairman and chief executive officer. Under his leadership, PAI developed a strategy in private equity that capitalized on the team's familiarity with industrial sectors.

Paribas Affaires Industrielles led the €610 million buyout of Danone’s pasta and condiment unit in 1997,^[5][6] at that time the largest leveraged buyout ever completed in France.^{[citation needed]} The following year, the firm finalized fundraising for its first third party investment fund, raising €650 million of investor commitments. PAI completed a full spinout from BNP in 2000 and the following year raised a new €1.8 billion private equity fund.^{[citation needed]}

In September 2009, Lionel Zinsou became CEO and Chairman of the firm.^[7][8] In 2015, Michel Paris became CEO after Lionel Zinsou stepped down to become prime minister in Benin.^[9][10]

In March 2015, PAI raised its fifth LBO fund, PAI Europe VI, reaching €3.3 billion, above the initial target of €3 billion.^[11] In September 2017, PAI announced the raising of a seventh investment vehicle: PAI Europe VII.^[12] In March 2018, PAI closed their PAI Europe VII fund.^[13][14]

Historically, PAI managed Paribas's stakes in large food and consumer goods companies across Europe: Royal Canin (European leader in dry pet food), Diana Ingredients (natural food ingredients), Evialis (animal feed), Saupiquet (ready meals), LDC (premium poultry), Navidul (cured ham – Spain), SOS Arana (rice – Spain) and helped them consolidate their respective sector. In 2021 PAI completed its largest ever investment with the $3.3 billion acquisition of Tropicana, Naked and other North American juice brands from PepsiCo.^[21] Previous transactions in consumer goods and services, healthcare as well as general industrial companies are highlighted below:^[15]