Permira closes second growth fund on USD 4bn

The GP registered Permira Growth Opportunities II in Luxembourg on 8 March 2021. A source close to the company told Unquote at the time that it was targeting USD 2.5bn.

The fund's predecessor, Permira Growth Opportunities I, closed in July 2019 on USD 1.7bn after launching in 2018.

The investment strategy of both funds focuses on strategic minority investments in high-growth, technology-enabled businesses on a global scale.

Investors
Permira says the vehicle is backed by "well-diversified, long-standing, global" investors, including pension funds, government entities and insurance companies.

Investments
All of the investments made from the latest growth fund have so far been based in the US. These included the GP leading the USD 350m Series G of application security provider Sysdig; and the USD 150m Series E of customer data infrastructure company mParticle.

The fund also invested USD 150m in fitness and travel mobile app AllTrails, and an undisclosed amount in Carta, a platform for managing equity electronically – both companies also in the US.

Permira has made 17 investments from the two growth funds.

The first growth fund invested in buy-now-pay-later provider Klarna, travel provider FlixMobility, e-commerce software-as-a-service platform Mirakl, collectibles market place Catawiki, digital employee experience provider Nexthink, and digital real estate company New Immo Group.

People
Permira – Phil Guinand (head of Permira Growth Opportunities); Kurt Björklund (managing partner).

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