PAI Partners is running a secondaries process to move the remaining asset in its 2005-vintage fund into a continuation vehicle, Secondaries Investor has learned.
The Paris-headquartered buyout firm wants to move Swedish chemicals maker Perstorp from its €2.69 billion PAI Europe IV fund into a new vehicle managed by PAI and backed by secondaries capital, according to three sources familiar with the matter.
Investors have approved the process and PAI is seeking a syndicate of buyers to back the vehicle, two of the sources said.
It is understood that PAI is not using an advisor on the transaction.
PAI acquired Malmo-headquartered Perstorp, which produces chemical additives for the resins and coatings industry, in December 2005, according to PAI’S website. Its value at acquisition was SKr9.2 billion ($1 billion; €873 million).
Stakes in PAI IV changed hands in January when the pension fund of bankrupt camera giant Eastman Kodak Company sold a portfolio of stakes to Pomona Capital, UK regulatory filings show.
Paris-headquartered PAI is investing its PAI Europe VII vehicle which closed in March on €5 billion, exceeding its €4 billion target, according to PEI data.
The deal is the latest in a string of single-asset fund restructurings. The average secondaries buyer completed between three and four such deals last year, according to research by Campbell Lutyens.
PAI declined to comment.