The Abu Dhabi Investment Authority (ADIA) is acquiring a significant minority stake in European Camping Group from PAI Partners, as it continues to expand its exposure to European private equity.

The deal, made through a wholly owned ADIA subsidiary, sees PAI retain majority ownership of the French outdoor accommodation provider. The transaction is subject to regulatory approvals and is expected to close in Q2 2025. Financial terms were not disclosed.

PAI first backed European Camping Group in 2021 and has since scaled the platform, notably through the 2023 acquisition of VacanceSelect. Today, ECG operates across 11 countries under leading brands Eurocamp and Homair, managing a wide portfolio of campsites and mobile homes.

ADIA, which manages approximately $1.06tn in assets, has increased its European investments in recent years. The continent now represents 22% of its portfolio, second only to Asia Pacific. The sovereign wealth fund has recently committed capital to Cheyne Capital’s real estate private credit platform and Pemberton Asset Management’s NAV strategic financing strategy.