Permira postpones Asia fundraise

A source familiar with the matter stressed that it is a postponement rather than a cancellation. The GP has completed three deals worth approximately $2.1 billion in the past two years, taking its total number of current investments in the region to four. It wants to optimize performance of the portfolio before returning to market.

Permira has been active in Asia for over a decade, investing out of its global funds. The firm, which has offices in Tokyo, Hong Kong, Seoul, and Shanghai, boosted its regional presence two years ago by absorbing Unitas Capital’s China team. After the latest global vehicle closed at EUR7.5 billion ($8.9 billion) in late 2016, attention turned to raising an Asia fund and a technology growth fund.

Most of the large global private equity firms now have dedicated Asia vehicles. The Blackstone Group was the longstanding exception, but it launched a regional fund last year with a target of $3 billion. The GP said on its first-quarter earnings call last month that it was nearing a final close at the revised hard cap of $2.25 billion.

KKR raised the bar for pan-regional managers last year, closing its third Asia fund at $9.3 billion, a 55% increase on the previous vintage. Affinity Equity Partners then raised $6 billion for its latest vehicle – up from $3.8 billion last time – in the space of five months, while The Carlyle Group is said to be closing in on the $6.5 billion hard cap for its fifth regional buyout fund.

Baring Private Equity Asia, PAG Asia Capital, TPG Capital and Morgan Stanley Private Equity Asia are all currently in the market raising their latest regional vehicles.

Permira made four investments during its first eight years in Asia. Since 2016, it has upped the pace, acquiring personal care brand John Masters Organics as well as its exclusive distributor in East Asia, Hong Kong-headquartered corporate and investor services provider Tricor Holdings, and Australian medical imaging specialist I-Med Radiology Network.

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• Topics
• Buyout
• Fundraising
• North Asia
• Greater China
• Australasia
• GPs
• Permira Advisers
• Asia