French private equity firm PAI Partners closed its latest flagship fund, PAI Partners VIII, with €7.1 billion ($7.6 billion), surpassing its fundraising target.
Fund VIII was about 40% larger than its predecessor fund, PAI Europe VII, which closed at €5.1 billion in 2018, said a release issued on Nov. 13.
The latest fund received "strong support" from leading public and private pension funds, sovereign wealth funds, financial institutions and family offices, the release noted.
PAI Partners has about €26 billion of assets under management.
Investors in the fund include the $187.7 billion Teacher Retirement System of Texas, Austin; the $155.7 billion Washington State Investment Board, Olympia; and the $22.4 billion Illinois State Universities Retirement System, Champaign.