SVG commits to Permira funds

According to press reports, SVG Capital has signed an agreement to be the major investor in the next two Permira funds; Permira IV and Permira V. SVG Capital will be seeking shareholder approval at its AGM to change its investment policy to reflect its renewed commitment to the Permira funds. Permira funds currently represent approximately 78% of SVG’s net assets, and the agreement will provide SVG with full access to the next two funds. With SVG’s listing on the London stock exchange, it will also give the Permira funds a more structured exposure to investors keen to invest in private equity through the public markets, especially among smaller institutions and private investors. In order to strengthen the relationship, SVG will issue six million shares at 600p per share to Permira - a premium of 6.7% to the 31 December 2004 net asset value, including a 22.2p per share valuation for SVG advisers and SVG investment managers - representing an investment of £36m in SVG from Permira. Damon Buffini, managing partner of Permira, will also join the SVG board as part of the agreement with effect from 15 April.

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