PAI LPs reject deal

Plans by French buyout firm PAI Partners to halve its €5.4bn fund have been frustrated by investors who want the cuts to go further.

In early November PAI, which raised its fifth fund in 2008, wrote to LPs seeking their approval, needing 66.67% of the votes to push the deal through.

The deadline for responses is December 3rd, but reports suggest many investors – including the Canada Pension Plan Investment Board – want the fund to be cut by more than half.