French buyout firm PAI Partners has started pre-marketing to investors ahead of an expected €3bn fundraising later in the year – adding to the list of major European buyout houses on the hunt for new money.

According to two investors, PAI will look to begin raising the money in late 2012 or early 2013 but has started a pre-marketing process and is considering whether to mandate UBS to help with the effort in a highly challenging fundraising environment.