Permira and SVG cash in on Galaxy Entertainment

SVG Capital, an investor in Permira funds as well as directly in Galaxy, has recouped £103.9m from the sale, £88.1m of which stems from its direct backing of the business.

The deal comes just weeks after SVG announced it had sold its stake in Permira Fund III for £90.2m.

In 2005, SVG announced a formalisation of its relationship with Permira, agreeing to be the major investor in Permira's next two funds (Permira IV and Permira V).

At that time, Permira Funds represented approximately 78% of SVG's net assets. SVG subsequently struggled to meet draw-down requests and Permira went on to offer all LPs the chance to reduce their commitments in Permira IV by up to 40% in return for relinquishing 25% of all profits. The move came weeks after Lehman's collapse and was touted as innovative by some, but controversial by others.

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• Topics
• UK / Ireland
• SVG Capital
• Permira