Permira closes $17.6b global buyout fund
Permira has closed its latest flagship global buyout fund with EUR 16.7bn (USD 17.6bn) in commitments, a 50% increase on the previous vintage.
The firm opened its first office in Asia 20 years ago and has deployed more than EUR 4.4bn across 12 investments in the region to date. Current Asia-based portfolio companies include Australian diagnostic imaging provider I-Med Radiology Network, Taiwan aquaculture specialist Grobest, and Hong Kong-headquartered aircraft parts distributor Topcast.
The regional team is led by Singapore-based Daniel Tan, who assumed responsibility for day-to-day operations last year, with Alex Emery moving into an Asia chairman role.
Also in 2022, Permira established a presence in India and recruited Siddharth Narayan, formerly of Warburg Pincus, as country head. Meanwhile, the firm also closed its Japan office and resolved to pursue opportunities in the country on a selective basis.
The new fund, Permira VIII or P8, will continue the thematic investment strategy of its predecessor, focusing on technology, consumer, healthcare, and services. Permira plans to further integrate environment, social, and governance (ESG) into its operations, with P8 adhering to specific targets relating to climate, gender diversity and governance.
The fund, which has already made four investments, received commitments from public and private pension funds, sovereign wealth funds, endowments and foundations, institutional fund managers, and family offices. The re-up rate was more than 90% and 50 new LPs came into the fund.
“P8 comes at an exciting time, when we can continue to execute on our thematic, growth-focused investment strategy, whilst also applying it through the lens of values-based investing,” said Kurt Björklund, a managing partner at Permira, in a statement.
The firm also runs a growth equity strategy and closed its second fund on USD 4bn in 2021. Fund I is invested in Full Truck Alliance, a China-based trucking business that listed in the US two years ago.
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