Permira gives LPs a way out

Global jumbo fund manager Permira, whose fund is 52% drawn down, will allow limited partners to reduce their commitments by up to 40% in return for relinquishing 25% of all profits. Permira's largest investor, SVG, was one of the first to reduce its uncalled commitments.

SVG Capital opted to cap its original commitment to Permira IV at 60%, giving a reduction in the uncalled commitments of approximately £453m. The same day, the LP announced a partially underwritten rights issue and placing to raise about £200m. For more about Permira's move, see page 16.

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