PAI Partners has redoubled its efforts to convince the French private equity group’s investors to accept a halving in the value of its new €5.4bn ($7.9bn) fund, rather than depriving it of any fresh capital to invest and forcing it into run-off.

Continental Europe’s biggest private equity group sent a letter on Tuesday night to investors offering to shrink its new fund to €2.7bn – down from its initial offer to investors of €3.2bn – as well as making concessions on corporate governance and fees.