Tender offer now out in Permira IV's GP-led process

The current offer is part of a GP-led secondaries process – which began last year – for the remaining assets of Permira IV, according to two sources familiar with the situation.

Coller Capital and Neuberger Berman have already committed to the deal, funding a feeder vehicle to provide liquidity to existing LPs that do not wish to remain in the fund, said the first source familiar with the situation

The remaining assets in Permira IV – Genesys, eDreams and Asia Broadcast Satellite - will remain in the existing vehicle with a five-year extension, the source added.

Genesys is the most attractive of the three remaining assets, according to a third source familiar with the situation. Permira acquired the US- and France-based software group in 2012, creating a standalone business after a carve-out from Alcatel-Lucent in a transaction valued at €1.5bn. Since then, it has made 10 acquisitions. In 2016, the GP sold a minority stake in the business to fellow private equity house Hellman & Friedman.

Permira IV was raised in 2006 and is now coming to the end of its lifespan. Further opportunities for growth have been identified but no uncalled capital is left, prompting the GP-led process in order to tap a new pool of investors, the sources said.

Permira IV held a final close on its agreed cap of €11bn in September 2006. The fund originally set out to raise €8.5bn, according to Unquote Data. The fund had attracted 180 investors from around the world at the time of the final close. SVG Capital notably committed €2.8bn to Permira IV.

Permira and Coller Capital declined to comment. Neuberger Berman did not respond to a request for comment.

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• Secondaries
• Secondaries
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• Permira
• Coller Capital