Investors in PAI Partners were to meet in Paris on Wednesday to discuss the fate of the biggest private equity house in continental Europe, which has been dragged into an acrimonious battle for control.

After the two most senior executives at PAI were forced out of the French buy-out house last month, some big investors told the FT they would push for a reduction of 30-50 per cent in its new €5.4bn ($7.8bn) fund, which it raised last year.