Permira, the international private equity firm, today announced the final close of its global private equity fund, Permira V, at the hard cap of €5.3 billion (USD $7.2 billion). Permira V has already committed capital to six companies. Following the completion of these investments, Permira V is expected to have called 27% of committed capital from its investors.
Permira’s previous private equity fund, Permira IV, which was raised in 2006, grew by 30% in value in 2013 and is valued at a net multiple of 1.5x original cost at March 31, 2014. By the end of June, Permira IV is expected to have returned more than three quarters of paid-in capital. Notable remaining investments in that fund include Hugo Boss, Genesys and Ancestry.com. The fund recently divested education software company Renaissance Learning for 4.1x original cost.
Permira is a European private equity firm with a total committed capital of approximately €22 billion. Sectors of interest include consumer, financial services, healthcare, industrials and, technology, media & telecommunications. The firm was founded in 1985 and is based in London (www.permira.com).
The six investments that Premira has already committed to include: iconic footwear brand Dr. Martens; UK wealth management specialist BestInvest; Canadian nutrition specialist Atrium Innovations; American online legal services provider LegalZoom; German specialty chemicals business CABB; and most recently, remote access software company TeamViewer. Following the completion of these investments, Permira V is expected to have called 27% of committed capital from its investors.
“Permira V has had a strong start and we are excited by the growth prospects of the six companies the fund has already acquired. The recent pace of investment reflects the outstanding pipeline of attractive opportunities that our five global sector teams have been able to identify, largely on a proprietary basis,” said Kurt Björklund, co-managing partner at Permira.
Permira V received strong backing from existing investors, representing 72% of total committed capital, and also welcomed a number of new investors from across the globe. The fund has a well-balanced geographic composition with approximately 40% of total commitments coming from North America, approximately 30% coming from Europe and approximately 25% from Asia.
“We are pleased with the support Permira V has received from a high quality base of both new and existing investors. We are confident that Permira V has the right strategy to enable us to continue investing wisely in the current environment,” said Tom Lister, co-managing partner at Permira.
2014 PEPD • Private Equity’s Leading News Magazine • 6-13-14
