PAI Froneri Continuation Fund

PAI Froneri Continuation Fund is a dedicated single‑asset continuation vehicle created to acquire and hold PAI Partners’ 50 % interest in Froneri, the global ice‑cream business that PAI formed in joint venture with Nestlé. The fund was structured to provide liquidity to existing investors while enabling PAI to retain upside exposure to a high‑growth consumer platform. In tandem with new co‑investment from ADIA and backing from Goldman Sachs’ alternatives platform, the vehicle supports a refreshed ownership structure. Froneri itself was launched in 2016 through the combination of PAI’s R&R Ice Cream and Nestlé’s European ice‑cream operations. Over time it has evolved from a European focused private‑label ice cream producer into a global branded leader, expanding into the U.S. via the acquisition of Nestlé’s U.S. ice cream business, and building a diversified portfolio across geographies and product segments. The continuation fund backs a €3.6 billion equity transaction to recapitalize and reposition Froneri’s capital structure, bringing in new capital from ADIA and repositioning PAI’s stake into the new vehicle. The transaction was described as heavily oversubscribed, reflecting strong investor confidence in Froneri’s growth trajectory and resilience. Going forward, the fund’s strategy is to support Froneri through organic growth, operational enhancements, strategic consolidation, and continued brand expansion in existing and adjacencies markets. The continuation vehicle aligns PAI, management, and new investors for a multi‑year investment horizon, enabling Froneri to capture further scale in the global ice cream and snacking sectors.