Permira raises €1.7bn for third debt fund at final close

Including leverage, total deployable capital comes to €2.1bn. The fund had a first close in December 2016 at roughly €900m and there was an intermediary close in May for a further €620m.

PCS3 received backing from a diverse investor base including pension funds, insurance companies and family offices across Europe, North America, Asia, Australia and the Middle East. More than half of the investors in PCS3 are new investors.

To date, the fund has deployed a total of €660m in nine companies, including Benelux medical equipment distributor Duomed, UK private members club Soho House and German auto parts manufacturer Reutter Group. 

The lender's previous two direct lending funds were PCS1 and PCS2, which deployed €1.4bn and €1.2bn respectively, including leverage and recycling. The second fund, raised in 2015, is currently 95% invested in 30 companies.

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