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PAI faces cuts to €5bn fund

PAI Partners, the Paris-based buyout firm whose top management resigned last month, will be forced to reduce its latest fund by 20% to 40% after an investor meeting to decide the firm's future yesterday.

The meeting was held to update PAI's 20 largest investors following the resignation of its two senior people, Dominique Mégret and Bertrand Meunier, revealed by Financial News last month.

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