Former Permira head to chair UK government review panel

Kenny Wastell
22 November 2016

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Permiraтs former chairperson and managing partner, Damon Buffini, has been appointed by the UK government to chair a review panel focusing on supporting the growth of startups.

Prime minister Theresa May made the announcement in an address to the Confederation of British Industry, that broadly sought to allay business fears surrounding Brexit.

The panel forms part of a wider policy to boost investment in UK research and development – particularly dependent on EU subsidies – and create a "modern industrial strategy" that May says should be globalist in outlook but also spread wealth more evenly.

Entitled the Patient Capital Review, the panel is intended to identify steps that can be taken by government to make it easier for small companies to obtain long-term investment.

Buffini left Permira at the end of 2015 after 27 years with the firm. At the time, the firm stated Buffini would continue as a senior adviser and retain his seat on the board at portfolio company Hugo Boss. He has also taken on a new role as non-executive director of golf's PGA European Tour.

Buffini stepped down from the day-to-day running of Permira in 2007, when he left his role as managing partner and took over as chairperson. He then stepped down as chair in 2010, continuing in his role as full-time partner. The announcement followed criticism over Permira's decision to offer tough terms to investors wanting to scale back their commitments and over the underperformance of some of the firm's investments.

Prior to joining Permira in 1988, Buffini had stints working at LEK Partnership and the Imperial Group. He was appointed managing partner of the firm's UK activity in 1999.