Strategic Partners buys stake in PAI fund

PAI Europe IV holds at least eight assets including automotive fast-fit services company Kwik-Fit and Spanish apparel retailer Grupo Cortefiel.

Blackstone’s secondaries manager has acquired a stake in PAI Partners‘ fourth fund from GCM Grosvenor, according to a UK regulatory filing.

New York-based Strategic Partners bought the interest in PAI Europe IV through its Strategic Partners VI Acquisitions fund from GCM Grosvenor Multi-Manager Private Equity Fund, according to the filing.

The deal closed on 31 December.

PAI Europe IV closed on €2.7 billion in 2005 and focuses on leveraged buyouts of medium to large-sized European companies, according to PEI Research and Analytics. The fund invests in consumer goods and services, industrials, food, specialised retail, packaging and automotive components sectors.

The fund holds at least eight assets including automotive fast-fit services company Kwik-Fit, which had a transaction value at acquisition of £779 million ($1.1 billion; €1 billion), and Spanish apparel retailer Grupo Cortefiel.

PAI’s most recent fund is PAI Europe VI, a 2014-vintage vehicle that closed on €3.3 billion in March last year after just over two years of fundraising, according to PEI data.

Strategic Partners has completed over 875 transactions and has raised $19 billion in commitments, according to its website.

Strategic Partners and GCM Grosvenor declined to comment on details of the deal. PAI did not return requests for comment.