Permira closes fifth fund on €5.3bn hard-cap

The fund launched in September 2011, with an initial target of €6.5bn, which was later reduced to €4-5bn in March 2013.

The vehicle held its first close on €2.2bn in April 2013.

The GP's previous fund, Permira IV, was launched before the financial crisis in March 2006. With a target of €8.5bn it initially closed on €11bn in September 2006 but was forced to scale this amount back to €9.6bn in 2008.

Permira IV is still invested in Hugo Boss, but has been divesting the company on the public market. Last month it placed a 5.6% stake in the company having sold a 10% shareholding in May 2013.

Investors
Public pension funds account for 56% of investment in the fund with the remainder coming from other institutional investors. Of the capital committed, 72% came from the GP's existing backers. European backers account for 30% of the fund, with 40% coming from North America and 25% from Asia.

At the time of its first close, Permira V had received commitments from 30 LPs including previous investor SVG Capital, which contributed €100m. It also includes a GP contribution of €200-300m.

Investments
Permira V invests in companies across the consumer, financial services, healthcare, industrials, technology, media and telecommunications sectors, with enterprise values of €500m-3bn. The fund has an average equity ticket of around €250m and has already made six commitments, with 27% of its capital already deployed.

Most recently the fund invested in the acquisition of TeamViewer from Insight Venture Partners-backed GFI Software, based in the US. Its other European investments include UK footwear brand Dr Martens, German speciality chemicals company Clariant Acetyl Building Blocks and UK wealth manager Bestinvest.

The fund aims to make 15-20 investments, deploying around €1-1.5bn of equity per year.

People
Tom Lister and Kurt Björklund are co-managing partners at Permira.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyout
• Benelux
• CEE
• DACH
• France
• Nordics
• Southern Europe
• UK / Ireland
• Permira