€15bn Deal Backs PAI’s Continuation Fund in One of the Largest Transactions of Its Kind

Goldman Sachs is poised to acquire a significant stake in Froneri, the world’s second-largest ice cream producer, in a deal that values the company at €15 billion. The transaction, backed through Goldman’s asset management division, represents a bold bet on the global frozen dessert market and a major boost for French private equity firm PAI Partners.

The deal is set to be one of the largest continuation fund transactions ever seen in Europe. It will allow PAI to maintain control of Froneri through a new investment vehicle while giving existing investors an exit and opening the door to new backers — with Goldman Sachs as the lead.

A Sweet Deal for PAI

Froneri was originally formed in 2016 as a joint venture between Nestlé and PAI when the private equity group merged Nestlé’s ice cream operations with R&R Ice Cream, a UK-based company in which PAI already held a significant interest. Since then, Froneri has grown rapidly, expanding its product lines and global footprint, with brands ranging from Häagen-Dazs (outside the U.S. and Canada) to local market favorites across Europe, Asia, and Latin America.

The continuation fund structure allows PAI to retain control over one of its most successful portfolio companies without launching a new fundraising process. Goldman Sachs Asset Management will anchor the new vehicle, joined by other institutional investors.

“This transaction enables us to continue supporting Froneri’s strong management team while providing liquidity to our current investors,” said Frédéric Stévenin, Managing Partner at PAI. “Froneri remains a category leader with significant long-term growth prospects.”

Strategic Investment by Goldman

For Goldman Sachs, the move underscores a growing trend among large asset managers to seek exposure to high-quality private assets with stable returns. The ice cream market, while historically fragmented, has shown resilience and growth, especially in emerging markets and through premium offerings.

“This is a high-conviction investment,” a Goldman spokesperson said. “Froneri has demonstrated strong cash flow, brand equity, and global scalability — all key components in our private equity strategy.”

Analysts see the deal as a smart long-term play. The €15 billion valuation reflects confidence in the strength of branded consumer goods and in the ability of PE structures to evolve and adapt to investor demands for liquidity.

One of the Largest Continuation Funds

Continuation funds, once a niche tool in the private equity world, are increasingly being used to extend ownership of top-performing assets beyond traditional holding periods. The Froneri deal is among the largest such arrangements ever executed in Europe, and signals a growing acceptance of these structures among institutional investors.

By backing the fund, Goldman joins a growing group of asset managers turning to continuation vehicles as a way to hold onto high-growth investments without the pressure of full exits. The deal also aligns with the firm’s broader strategy of diversifying its alternatives portfolio.

The Future of Ice Cream — and Private Equity

Froneri’s continued growth story — fueled by innovation, global expansion, and category leadership — makes it a rare asset in today’s food and beverage sector. Meanwhile, the transaction represents a broader evolution in how private equity firms manage their top assets and navigate the demand for both duration and liquidity.

As markets become increasingly complex, deals like this may set a precedent for how value is both sustained and unlocked. For now, PAI and Goldman Sachs appear to have found the right recipe: one that blends capital flexibility, investor returns, and a global scoop of opportunity.