BNP Paribas has announced that its Securities Services business has been mandated by PAI Partners, a pre-eminent private equity firm investing in market-leading companies in Europe and North America, to provide depositary bank services for their eighth flagship fund, PAI Partners VIII, representing €7.1 billion.
This new mandate further solidifies PAI Partners' long-term partnership with BNP Paribas, which already includes global custody, depositary bank and transfer agent services in France, noted the bank.
PAI Partners has over €28 billion of assets under management and, since 1994, has completed over 100 investments across twelve countries and achieved more than €25 billion in proceeds from 61 exits.
The bank added that, with this new mandate, PAI Partners will further benefit from the international leverage, local expertise and integrated offering of BNP Paribas, helping them to get a consolidated and accurate view of their activities in the market.
Robert van Kerkhoff, Head of Luxembourg, Securities Services at BNP Paribas, commented: “We are delighted to extend our partnership with PAI Partners with the migration of their latest Luxembourg flagship fund, PAI Partners VIII, onto our depositary bank platform. We are committed to putting the unique strengths of our on-the-ground teams' expertise and integrated set of innovative solutions at the service of PAI Partners' growth strategy."
