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SJ Berwin Advises on the Closing of PAI Europe IV at €2.7 Billion ($3.5 Billion)

Wednesday 27th April 2005

SJ Berwin advised PAI partners on the structuring and closing of PAI Europe IV at €2.7 billion ($3.5 billion), the largest private equity fund to date in Continental Europe. PAI Europe IV was raised less than three years after its €1.8 billion predecessor fund, which SJ Berwin also acted on, and, after a short fundraising process, was completed well ahead of its original target of €2.0 billion.

The Limited Partners in PAI Europe IV include a wide range of high quality investors such as public and corporate pension funds, government agencies, financial institutions, foundations, family offices and high net worth individuals from 20 different countries, 55% coming from Europe, 32% from North America and 13% from Asia and the Middle East.

The SJ Berwin team harnessed funds expertise from both the London and Paris offices. London corporate partner, Josyane Gold, led the SJ Berwin London team, assisted by London associates Michael Halford and Bridget Quirke and George Pinkham, Sylvie Vansteenkiste and Nathalie Duguay led the SJ Berwin Paris team. Weil Gotshal & Manges advised on US aspects.

Josyane Gold said: "This fund raising has distinguished itself both by its size in the Continental European market and by the short time period in which it was raised. We are delighted to have been able to provide PAI partners with the requisite support in order to enable them to meet their commercial objectives".

George Pinkham and Nathalie Duguay said: “PAI partners has attracted significant French and international investors and was quickly oversubscribed. This is a great achievement and a tribute to the investments realised by PAI partners”.


Notes:
  • SJ Berwin is a full-service international legal practice with more than 450 lawyers across its offices in London, Brussels, Frankfurt, Berlin, Munich, Madrid and Paris.
  • With one of the largest private equity teams in London and in continental Europe, comprising over 140 full-time corporate private equity lawyers together with support from its other departments, SJ Berwin advises clients on the full-range of private equity business, both in connection with the establishment of private equity funds and their associated incentive schemes, and on MBOs, MBIs, public-to-privates and venture capital investments.
  • In March 2005, SJ Berwin was voted European Law Firm of the Year (fund formation) by subscribers to PrivateEquityOnline and Private Equity International and in April, our Head of Private Equity, Jonathan Blake, was named global private funds lawyer of the year in The International Who’s Who of Business Lawyers 2004/2005.
  • In 2004 SJ Berwin won the European Venture Capital Journal Award for "Private Equity Law Firm of the Year 2004”, was ranked as the “World’s Leading Firm for Private Funds Expertise” in The International Who’s Who of Business Lawyers 2003/4, was named Private Equity Law Firm of the Year” at the EVCA/Real Deals Awards in November 2004 and Jonathan Blake, was admitted to the “Hall of Fame” for his services to the private equity industry over the last 20 years.
 
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