How many investments has PAI Partners made?

PAI Partners has 15 tracked investments, including 2 dated in the last 24 months.

What stage does PAI Partners invest at?

PAI Partners invests at the Growth, Late Stage stages.

What is PAI Partners's typical check size?

PAI Partners typically writes checks of $108M – $324M.

What sectors does PAI Partners focus on?

PAI Partners focuses on Advanced Manufacturing, Biotech, Consumer, Data & Infrastructure, Enterprise Software, FoodTech, Healthtech, Logistics & Supply Chain, Medical Devices, New Materials, Retail Tech.

Where is PAI Partners located?

PAI Partners is headquartered in Paris, FR.

Who does PAI Partners co-invest with?

PAI Partners most often shares deals with BCI, Abac Capital Manager S.G.E.I.C.,, Dancap Family Investment Office, among 3 tracked co-investors.

PAI Partners

Private equity

Paris · Growth–Late Stage · 13 people tracked

Also known as PAI SAS

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1,297 people in our graph share verified history with the PAI Partners team — schools, employers, funds. One of them is your warm intro.

Mahesha Subramaniamunlockedknows William Prince · together at Singapore Management University (overlapped)

×2knows the team · via HEC Paris

knows the team · via ESSEC Business School

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Investment thesis

PAI Partners forges strategic partnerships with global companies, founders and families, focusing on four core sectors: Food & Consumer, Business Services, Industrial Goods & Services, and Healthcare. In Food & Consumer, it pursues organic and consolidation-driven growth and revitalises underinvested brands. In Business Services, it backs leading platforms benefiting from structural tailwinds such as regulatory complexity and digital transformation. In Industrials, it acquires sub-sector leaders (building materials, packaging, transportation, industrial services) and applies a transformation playbook emphasising innovation, digitisation and operational excellence. In Healthcare, it drives value through capacity expansion, consolidation and service improvement across services, pharma and medtech.

Source: firm website, verified Sep 15, 2026.

Stage

Growth–Late Stage

Check

$108M – $324M

Paris, FR

Instruments

Equity

Founded

1994

Last 12 months

1 investment

AUM

$27B

Tracked investments

Team · 13 people

from the firm's website & curated

Ana Aliyari· Managing Director· WP. Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysiain

Joined PAI in 2015 and is part of the Food & Consumer Team, involved in investments such as Ecotone, Froneri, Roompot, StellaGroup and The Looping Group. Started her career at Roland Berger and graduated from ESSEC.

Krishnaa Bhat· Managing Director· London, England, United Kingdomin

Krishnaa Bhat is an Analyst on the Media and Entertainment Finance team at Calculus Capital, which she joined in 2025. Her work includes tracking project performance, managing the closed-deals portfolio, and supporting the team, with a focus on media finance and strategy within the entertainment industry.

Abigaïl Aron· Investment Director· Francein

Joined PAI in 2018 in the Investment Group, involved in the Alphia, Alvest, Euro Ethnic Foods and Pasubio investments. Previously CFO at restaurant group Big Mamma and graduated from HEC.

William Prince· Investment Director· London, England, United Kingdom

Edouard Arfi· Head of Group Accounting

Joined PAI in 2026 as Head of Group Accounting within the Corporate Operations Team, previously Group Accounting Director at Showroomprive.com. Graduated from Aix-Marseille University and holds the French DEC qualification.

Emir Alhussni· Investment Officer

Joined PAI in 2026 in the Investment Group, previously an Associate Director in TMT Investment Banking at UBS and earlier at Credit Suisse. Holds an Economics degree from UCL.

Hedi Ait-Moussa· Investment Officer· Londonin

Joined PAI in 2024 in the Investment Group after working as an Associate in the European Healthcare Team at Partners Group in London. Holds degrees from Paris Dauphine University and ESSEC.

Inès Aoumeur· HR Associate

Joined PAI in 2024 in the HR Team, previously an HR Generalist at Club Med with earlier HR experience at L'Oréal. Graduated from Sciences Po Paris.

Lydwine Alexandre· CFO· Cleveland, Ohio, United Statesin

Joined PAI in 2023 as Chief Financial Officer within the Corporate Operations Team, having previously served as CFO and General Counsel at Alma Capital and spent 15 years at KPMG. Graduated from ESSEC.

Sébastien Aguinet· IT Contract Manager· Ableiges, Île-de-France, Francein

Joined PAI in 2025 in the Corporate Operations Team, previously an IT Project Manager at Metaline and with roles at Sopra Group and Eryma. Holds a Higher National Diploma in Computer Science and Networking.

Brad Noel· Group CFO· London, England, United Kingdomin

Charles Brooke· Contract manager· Greater London, England, United Kingdom

Co-founder with 18 years in finance, starting in private equity/real estate and becoming an active startup investor across fintech, video games and educational software. He founded Warwick Capital in 2015 and co-founded Triple Dragon in January 2017, focusing on fundraising, games and studio investments.

Mastura· Investment Officer· WP. Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysia

Office Manager at Intres Capital, responsible for office operations, accounts, and shareholder reporting, and works with portfolio companies on banking and corporate secretarial matters. Previously an accounts executive and external auditor at SJ Grant Thornton; holds an accounting degree from UiTM Shah Alam.

What they invest in

from 14 of 15 portfolio companies

Consumer ×5Healthtech ×4FoodTech ×3AgTech ×2Cleantech ×2Digital Health ×2Hardware ×2Travel & Hospitality ×2

HQs:Spain×2France×2Canada×1Germany×1United Kingdom×1Italy×1

Investments · 15 tracked

founders shown can be your intro path

By year:2025 · 1 2024 · 1 2021 · 13 dated

Elucidelucid.social in 𝕏✓ verified

Elucid improves healthcare access and outcomes for farming communities in sub-Saharan Africa and Latin America, integrating health programs with agricultural development initiatives.

AgTechDigital HealthHealthtechImpact & Social Good

Samuel Knauss(Managing Director (Product) & Co-Founder)inJulius(Managing Director (Operations) & Co-Founder)

Co-investorsIBB Ventures Elea Foundation for Ethics in Globalization FINCA Ventures IAG Capital Partners

Nuzoanuzoa.com in✓ verified

Nuzoa is a veterinary supplies distributor and business software provider serving pet clinics and livestock farms in the Iberian market.

HealthtechMarketplacesSaaS

Co-investorsAbac Capital Manager S.G.E.I.C.,

Alvestalvest.fr

Alvest is a group organized around a Supervisory Board, an Alvest Management Committee, and a Steering Committee that oversee its global operations and governance.

CleantechSector Agnostic

Valentin Schmitt(President and CEO)in

Co-investorsArdian La Caisse

Amplitude Surgicalin

PAI Partners is a leading private equity firm that invests in and transforms traditional companies across food & consumer, business services, industrial goods & services, and healthcare sectors, with €25 billion in assets under management globally.

Enterprise Software

Co-investorsBCI Dancap Family Investment Office

Arlettiearlettie.com in

Arlettie is a fashion-focused e-commerce and membership platform featuring curated designer brands and editorial content.

B2B MarketplacesDirect to ConsumerE-commerceParis, FR

Co-investorsSerena Capital Seventure Partners

Audiotonixaudiotonix.com inNov 2024

Audiotonix produces educational kits that combine STEM learning with audio engineering, allowing students to build a USB-powered DJ mixer and develop skills in professional audio technology and production.

Advanced ManufacturingCreator EconomyEdTechHardwareMedia & EntertainmentUK, GB

James Gordonin

Co-investorsEpiris Livingbridge Ardian

Fronerifroneri.com inSep 2025

Froneri is a premium ice cream manufacturer and distributor operating as the leading pure-play ice cream business globally, holding number 1 or 2 market positions across most markets where it operates.

ConsumerFoodTech

Phil Griffin(CEO)in

BoardIvar Jan Blanken(Director)Alistair James Bolton(Director)Matthew Clive Poole(Director)

Co-investorsBCI Goldman Sachs

Innovad Groupinnovadgroup.com

Innovad Group develops animal health and nutrition products, operating as a primary producer through four manufacturing centers and 18 legal entities worldwide.

AgTechBiotechHealthtech

Motel Onemotel-one.com 𝕏

Motel-One operates a chain of design hotels marketed on central locations, stylish interiors, and low prices.

ConsumerTravel & Hospitality

Daniel Müllerin

Orionorion-srl.it in

Orion provides instruments and automated systems for environmental monitoring of air quality, water quality, and industrial emissions across sectors such as waste, energy, cement, glass, chemical, petrochemical, and pharmaceutical.

CleantechClimate TechHardware

Co-investorsBVVC Service Provider Capital Dynamo Ventures Norwest Venture Partners PICO Venture Partners Techstars

Roompotroompot.com in

Roompot is a holiday park operator managing over 200 parks and campsites across the Netherlands, Germany, Belgium, France, and Spain, offering accommodations ranging from premium resorts to casual campsites.

ConsumerTravel & HospitalityGoes, NL

Co-investorsRivean Capital

Tropicanatropicana.ca

Tropicana is a juice and beverage company offering a range of products including 100% juices, refreshers, lemonades, and lower/zero sugar options.

ConsumerFoodTechBradenton, CA

Anthony Rossi

Co-investorsBCI

Uvescouvesco.esDec 2021

Uvesco is a Spanish supermarket retail group that operates the BM Supermercados chain of grocery stores.

ConsumerFoodTechRetail Tech

VITREAvitrea-health.com in

VITREA is a rehabilitation and healthcare group operating more than 70 inpatient and outpatient facilities across Germany, Austria, and Switzerland.

Digital HealthHealthtech

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Cyrus

Portfolio news

latest coverage across their companies

Elucid raises $55M to commercialize cardiovascular imaging platform | MedTech Dive

Elucid · medtechdive.com · Sep 8, 2026

Vio Plaza gewinnt Motel One für Hotelbetrieb – immobilien investment

Motel One · immobilien-investment.at · Aug 18, 2026

Outshine Recall Covers 55 Lots, Testing Nestlé’s 50% Ice-Cream Venture

Froneri · ts2.tech · Aug 17, 2026

arlettie-press-release - PAI Partners

Arlettie · paipartners.com · Jun 5, 2026

Production Futures launches Make Noise initiative - LSi Online

Audiotonix · lsionline.com · Apr 21, 2026

Orion raises $2.2 billion mining fund as race for critical minerals heats up | Reuters

Orion · reuters.com · Mar 16, 2026

Pai Partners Closes Sale of Uvesco (Bm Supermarkets) to a Group of Basque Investors

Uvesco · ground.news · Dec 23, 2025

PAI Partners and ADIA complete acquisition of majority stake in Alvest - PAI Partners

Alvest · paipartners.com · Jul 9, 2025

Fund performance · per public LP disclosures · 6

as of Sep 2025

Fund	Vintage	Committed	Net IRR	TVPI	DPI
PAI Europe VIII, L.P.LPs: Washington State Investment Board	2023	—	18.1%	1.20x	—
PAI Partners VIII-1 SCSpLPs: Orange County Employees Retirement System	2022	—	17.8%	1.20x	—
PAI Europe VIILPs: Washington State Investment Board, Pennsylvania Public School Employees' Retirement System	2019	—	13.4%	1.60x	0.38x
PAI Europe VI, L.P.LPs: Pennsylvania Public School Employees' Retirement System	2014	—	13.3%	1.63x	1.33x
PAI Europe VI, L.P. Private EquityLPs: Pennsylvania Public School Employees' Retirement System	2014	—	—	1.60x	1.58x
PAI Europe V LPLPs: Florida State Board of Administration	2008	—	7.0%	1.30x	1.30x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

How many investments has PAI Partners made?: PAI Partners has 15 tracked investments, including 2 dated in the last 24 months.
What stage does PAI Partners invest at?: PAI Partners invests at the Growth, Late Stage stages.
What is PAI Partners's typical check size?: PAI Partners typically writes checks of $108M – $324M.
What sectors does PAI Partners focus on?: PAI Partners focuses on Advanced Manufacturing, Biotech, Consumer, Data & Infrastructure, Enterprise Software, FoodTech, Healthtech, Logistics & Supply Chain, Medical Devices, New Materials, Retail Tech.
Where is PAI Partners located?: PAI Partners is headquartered in Paris, FR.
Who does PAI Partners co-invest with?: PAI Partners most often shares deals with BCI, Abac Capital Manager S.G.E.I.C.,, Dancap Family Investment Office, among 3 tracked co-investors.

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