News & Events | News

Monday 12th May 2008

SJ Berwin has advised established client PAI Partners in connection with the structuring and negotiation of terms of the PAI Europe V Fund. The Fund, which was successfully closed at €5.4 billion ($8.5 billion), is the largest private equity fund ever raised in Continental Europe.

PAI Europe V doubled in size compared to its predecessor fund raised only three years ago. The fund received commitments from approximately 130 investors from 23 different countries, with 63% of the funds coming from Europe, 26% from North America and 11% from Asia and the Middle East. The fund received extremely strong support from PAI’s existing investors, who significantly increased their average commitment size and represent over 70% of the fund participants. PAI Europe V also attracted significant interest from a number of new long-term investors.

To implement the unique pan-European structure of this fund, the SJ Berwin team was led by funds partners Michael Halford (London) and Nathalie Duguay (Paris) and, included funds partners Jonathan Blake, Josyane Gold, Michael Trask (Tax) and Tamasin Little (Financial Services) from our London office, George Pinkham and Sylvie Vansteenkiste in Paris, Christian Schatz (Germany) and Alberto Ruano (Spain). The partners were also assisted by numerous associates across our pan-European corporate and tax network.

Nathalie Duguay and Michael Halford, partners at SJ Berwin LLP, commented: “We are delighted to have acted on Europe’s biggest ever fund and are proud to have assisted PAI partners on the structuring and negotiation of terms of all of their private equity funds and in particular the PAI Europe V Fund. It is a great achievement for PAI partners and we are honoured to have taken part in this initiative”.

This is the third fundraising SJ Berwin and PAI Partners have worked together on, in addition to PAI Europe III and IV, and was completed following a superb year in 2007 for SJ Berwin's funds group, advising on over 90 fundraising totalling in excess of €60 bn across Europe.

For further information, please contact:

Michael Halford, Funds Partner on +44 (0) 207 111 2185 or by emailing michael.halford@sjberwin.com

Nathalie Duguay, Funds Partner on +33 (0)1 44 346 346 or by emailing nathalie.duguay@sjberwin.com

Sara Mahdavian, Business Development Executive on +44 (0) 207 111 5074 or by emailing sara.mahdavian@sjberwin.com

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Notes to editors

• SJ Berwin is at the core of European private equity. SJ Berwin has one of the largest fund formation teams in Europe with 22 leading funds partners advising institutional equity providers and management teams on private equity and venture capital fund establishments.
• SJ Berwin has a reputation for innovation. Our extensive knowledge and history in the private equity industry means that we lead the European market on fund terms and conditions and are at the cutting edge of fund structuring.
• SJ Berwin are the recognised market leader in fund structuring and are ranked in the top tier in both Chambers and Legal 500.  In addition the private equity team has won a number of recent awards including:   
•  "European Law Firm of the Year (Fund Formation)" 2007 at the Private Equity International Awards,   
• “Fund Formation Team of the Year” 2006 at the Financial News Awards for Excellence in Private Equity Advisory Services,
• “European Law Firm of the Year" 2004 -  2006 at the EVCA/Real Deals European Private Equity Awards,
• ”European Law Firm of the Year" (fund formation) 2001 - 2007 by subscribers to PrivateEquityOnline and Private Equity International, 
• "Private Equity Law Firm of the Year" 2004 -  2007 at the European Venture Capital journal awards 2004, 
• "LBO Firm of the Year" 2004 at the Finance and Law Awards in Paris
• Founded in 1982, SJ Berwin is a leading corporate and commercial law firm with over 170 partners and more than 700 lawyers working across its offices in London, Berlin, Brussels, Frankfurt, Madrid, Milan, Munich, Paris and Turin.
• On 1 June 2005, SJ Berwin became SJ Berwin LLP, a limited liability partnership.  www.sjberwin.com.  SJ Berwin LLP or an affiliated undertaking has an office in Berlin, Brussels, Frankfurt, London, Madrid, Milan, Munich, Paris and Turin.