DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / PAI Partners
PAI Partners
We create long-term value in the real economy by transforming market-leading companies into innovative and high-performing global players.
no sworn venture fact yet (name or round mention only)
Importance
49
elevated
Active deployment
33
moderate
Emerging
0
low
Completeness
75
high
Freshness
100
high
Research priority
14
low
Identity and regulatory footprint
- Headquarters
- Paris, Franceadviserinfo.sec.gov
- Office address
- 232 RUE DE RIVOLI, Paris, 75001adviserinfo.sec.gov
- Business phone
- 33143166325adviserinfo.sec.gov
- Website
- HTTP://WWW.PAIPARTNERS.COM
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- private fund adviseradviserinfo.sec.gov
- Latest Form ADV
- Mar 31, 2017
- Private funds reported
- 14 (0 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $3.6Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Gavu Gestion Sprl (Member Of The Executive Committee), B; Carolles Participations (Member Of The Executive Committee), B
- business phone
- 33143166325adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
2 observed deals
Stated (the firm’s website)
- Sectors
- healthcare, medtech, consumer, climate, logistics, industrial, gaming, media, b2b
- Stages
- not stated or not yet read
- Geography
- france, global, globally, uk
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 100%
lead rate n/afollow-on rate n/anew logos, 12 months 2
Funds and vehicles
16 reported, 9 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| PAI Europe VIII, L.P | Fund | 2023 lp reported | Active deployment | unknown | unknown | unknown | unknown |
| PAI Europe VII | Fund | 2019 lp reported | Mature | unknown | unknown | unknown | unknown |
| PAI Europe VI - 1 Scsp | Fund · ADV: Private Equity Fund | 2015 adv first reported | Harvest | $382M Mar 31, 2017 | 0 | unknown | unknown |
| PAI Europe VI - 1 Fcpr | Fund · ADV: Private Equity Fund | 2014 adv first reported | Harvest | $498M Mar 31, 2017 | 0 | $0 | May 7, 2013 |
| PAI Europe V - 3 Fcpr | Fund · ADV: Private Equity Fund | unknown | Unknown | $775M Mar 31, 2017 | 73 | unknown | unknown |
| PAI Europe V - 1 Fcpr | Fund · ADV: Private Equity Fund | unknown | Unknown | $774M Mar 31, 2017 | 38 | unknown | unknown |
| PAI Europe V - 2 Fcpr | Fund · ADV: Private Equity Fund | unknown | Unknown | $774M Mar 31, 2017 | 78 | unknown | unknown |
| PAI Europe IV - a | Fund · ADV: Private Equity Fund | unknown | Unknown | $73.7M Mar 31, 2017 | 22 | unknown | unknown |
| PAI Europe IV - B6 | Fund · ADV: Private Equity Fund | unknown | Unknown | $66.0M Mar 31, 2017 | 28 | unknown | unknown |
| PAI Europe V - 3 | Fund · ADV: Private Equity Fund | unknown | Unknown | $57.4M Mar 31, 2017 | 73 | unknown | unknown |
| PAI Europe V - 1 | Fund · ADV: Private Equity Fund | unknown | Unknown | $57.4M Mar 31, 2017 | 76 | unknown | unknown |
| PAI Europe V - 2 | Fund · ADV: Private Equity Fund | unknown | Unknown | $57.3M Mar 31, 2017 | 78 | unknown | unknown |
| PAI Europe IV - B | Fund · ADV: Private Equity Fund | unknown | Unknown | $49.2M Mar 31, 2017 | 34 | unknown | unknown |
| PAI Europe IV - B4 | Fund · ADV: Private Equity Fund | unknown | Unknown | $45.9M Mar 31, 2017 | 24 | unknown | unknown |
| PAI Europe IV - B2 | Fund · ADV: Private Equity Fund | unknown | Unknown | $12.5M Mar 31, 2017 | 1 | unknown | unknown |
| PAI Europe IV - B7 | Fund · ADV: Private Equity Fund | unknown | Unknown | $2.5M Mar 31, 2017 | 1 | unknown | unknown |
| PAI Europe III - B4 | Fund · ADV: Private Equity Fund | unknown | Wound down | $102M Mar 27, 2014 | 12 | unknown | unknown |
| PAI Europe III - B2 | Fund · ADV: Private Equity Fund | unknown | Wound down | $90.0M Mar 27, 2014 | 9 | unknown | unknown |
| PAI Europe III - B | Fund · ADV: Private Equity Fund | unknown | Wound down | $78.0M Mar 27, 2014 | 15 | unknown | unknown |
| PAI Europe III - a | Fund · ADV: Private Equity Fund | unknown | Wound down | $70.9M Mar 27, 2014 | 5 | unknown | unknown |
| PAI Europe III - B7 | Fund · ADV: Private Equity Fund | unknown | Wound down | $65.5M Mar 27, 2014 | 1 | unknown | unknown |
| PAI Europe III - B6 | Fund · ADV: Private Equity Fund | unknown | Wound down | $65.5M Mar 27, 2014 | 1 | unknown | unknown |
| PAI Europe III - B5 | Fund · ADV: Private Equity Fund | unknown | Wound down | $65.5M Mar 27, 2014 | 1 | unknown | unknown |
| PAI Europe III - B3 | Fund · ADV: Private Equity Fund | unknown | Wound down | $61.6M Mar 27, 2014 | 11 | unknown | unknown |
| PAI Lbo Fund | Fund · ADV: Private Equity Fund | unknown | Wound down | $510,748 Mar 27, 2014 | 10 | unknown | unknown |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
7 current, 1 departed
Frederic Stevenin
PartnerSole Shareholder · since Oct 1, 2002
Michel Paris
PartnerSole Shareholder · since Dec 1, 2010
Mirko Meyer-Schoenherr
PartnerMember Of The Executive Committee · since Aug 1, 2009
Nicolas Holzman
PartnerMember Of The Executive Committee · since Jun 1, 2014
Raffaele Robert Vitale
PartnerMember Of The Executive Committee · since Aug 1, 2009
Ricardo de Serdio
PartnerMember Of The Executive Committee · since Aug 1, 2009
Richard Howell
PartnerMember Of The Executive Committee · since Jun 1, 2014
1 departed (kept with end dates)
- Lionel Zinsou · Ceo · Aug 1, 2009 to Mar 29, 2016 Inference
Investments on record
2 edges, 2 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Case studies | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Whistleblowing policy | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
0 relationships from shared deals, counted for the whole firm
No co-investor relationship yet: these are derived only from rounds and portfolio listings the graph has seen both investors on.
Limited partners
5 disclosed
- Washington State Investment Board $200M sib.wa.gov
- Pennsylvania Public School Employees' Retirement System $123M pa.gov
- Washington State Investment Board in PAI Europe VII $167M sib.wa.gov
- Washington State Investment Board in PAI Europe VIII, L.P $200M sib.wa.gov
- Pennsylvania Public School Employees' Retirement System in PAI Europe VII $123M pa.gov
Timeline
39 dated events
- Dec 31, 2025PSERS reports PAI Europe VII, L.P.: $123,400,000 committed, vintage 2018, net IRR 13.5%, 1.59x
- Dec 31, 2025WSIB reports PAI Europe VIII, L.P.: $199,686,651 committed, vintage 2023, net IRR 18.3%, 1.3x
- Dec 31, 2025WSIB reports PAI Europe VII: $167,405,442 committed, vintage 2019, net IRR 13.5%, 1.6x
- Mar 29, 2016Lionel Zinsou (Ceo) no longer on Schedule A of PAI Partners
- Mar 30, 2015PAI Europe III - B no longer reported on Form ADV by PAI PartnersFund no longer reportedFundsInferencePAI Europe III - BSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2015PAI Europe III - B3 no longer reported on Form ADV by PAI PartnersFund no longer reportedFundsInferencePAI Europe III - B3SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2015PAI Europe III - B7 no longer reported on Form ADV by PAI PartnersFund no longer reportedFundsInferencePAI Europe III - B7SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2015PAI Europe III - B6 no longer reported on Form ADV by PAI PartnersFund no longer reportedFundsInferencePAI Europe III - B6SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2015PAI Lbo Fund no longer reported on Form ADV by PAI PartnersFund no longer reportedFundsInferencePAI Lbo FundSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2015PAI Europe III - a no longer reported on Form ADV by PAI PartnersFund no longer reportedFundsInferencePAI Europe III - aSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2015PAI Europe VI - 1 Scsp first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $217,295,911Fund first reported on Form ADVFundsFactPAI Europe VI - 1 ScspSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2015PAI Europe III - B2 no longer reported on Form ADV by PAI PartnersFund no longer reportedFundsInferencePAI Europe III - B2SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2015PAI Europe III - B5 no longer reported on Form ADV by PAI PartnersFund no longer reportedFundsInferencePAI Europe III - B5SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2015PAI Europe III - B4 no longer reported on Form ADV by PAI PartnersFund no longer reportedFundsInferencePAI Europe III - B4SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jun 1, 2014Richard Howell joined Schedule A of PAI Partners as Member Of The Executive Committee
- Jun 1, 2014Nicolas Holzman joined Schedule A of PAI Partners as Member Of The Executive Committee
- Mar 27, 2014PAI Europe VI - 1 Fcpr first reported on Form ADV by PAI Partners (Private Equity Fund)Fund first reported on Form ADVFundsFactPAI Europe VI - 1 FcprSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe IV - B first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $453,006,619Fund first reported on Form ADVFundsFactPAI Europe IV - BSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe III - a first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $70,868,648Fund first reported on Form ADVFundsFactPAI Europe III - aSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe III - B first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $77,996,187Fund first reported on Form ADVFundsFactPAI Europe III - BSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe III - B2 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $90,035,536Fund first reported on Form ADVFundsFactPAI Europe III - B2SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe III - B3 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $61,592,495Fund first reported on Form ADVFundsFactPAI Europe III - B3SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe III - B4 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $101,861,759Fund first reported on Form ADVFundsFactPAI Europe III - B4SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Partners first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe IV - B2 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $115,104,573Fund first reported on Form ADVFundsFactPAI Europe IV - B2SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe IV - B4 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $422,808,698Fund first reported on Form ADVFundsFactPAI Europe IV - B4SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe IV - B6 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $606,971,374Fund first reported on Form ADVFundsFactPAI Europe IV - B6SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe IV - B7 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $23,064,320Fund first reported on Form ADVFundsFactPAI Europe IV - B7SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe V - 1 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $161,758,715Fund first reported on Form ADVFundsFactPAI Europe V - 1SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Lbo Fund first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $510,748Fund first reported on Form ADVFundsFactPAI Lbo FundSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe V - 3 Fcpr first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $193,637,688Fund first reported on Form ADVFundsFactPAI Europe V - 3 FcprSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe V - 1 Fcpr first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $193,443,419Fund first reported on Form ADVFundsFactPAI Europe V - 1 FcprSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe V - 2 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $161,729,561Fund first reported on Form ADVFundsFactPAI Europe V - 2SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe V - 2 Fcpr first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $193,394,851Fund first reported on Form ADVFundsFactPAI Europe V - 2 FcprSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe V - 3 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $161,922,940Fund first reported on Form ADVFundsFactPAI Europe V - 3SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe III - B5 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $65,534,314Fund first reported on Form ADVFundsFactPAI Europe III - B5SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe III - B6 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $65,535,688Fund first reported on Form ADVFundsFactPAI Europe III - B6SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe III - B7 first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $65,540,484Fund first reported on Form ADVFundsFactPAI Europe III - B7SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2012PAI Europe IV - a first reported on Form ADV by PAI Partners (Private Equity Fund), GAV $346,741,600Fund first reported on Form ADVFundsFactPAI Europe IV - aSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Candidate (candidate, 50%, cls-1)no sworn venture fact yet (name or round mention only)
Evidence
34 observations from 2 sources