PAI Partners, a pan-European private equity firm, has closed its latest fund, PAI Europe VII, at its €5 billion ($6.1 billion) hard cap, according to a news release.
The fund had a €4 billion fundraising target. The new fund raised 21% more capital than PAI's prior fund, the €3.3 billion PAI Europe VI, which closed in 2015.
PAI will continue its investment strategy of building companies through investment, international consolidation and strategic partnerships, and then look to sell them to companies in the same industry or business.
Some 50% of the investors in the new fund are in Europe, with 26% in the U.S. and Canada, and the rest in Asia and the Middle East. Investors in PAI Europe VII include the $99.2 billion Washington State Investment Board, Olympia; $56.5 billion Los Angeles County Employees Retirement Association, Pasadena; and $56 billion Pennsylvania Public School Employees' Retirement System, Harrisburg.