Permira hits €11bn hard-cap for seventh fund

The fund was launched in January 2019 with a €10bn target, which was reached in September 2019. 

Permira VII will build on the GP's existing investment strategy, targeting mid-to-large-cap buyouts of European, US and Asian companies that benefit from strong and resilient underlying growth drivers.

The fund is larger than its predecessor, Permira VI, which reached a final close on its €7.5bn hard-cap in January 2017 and is now around 67% deployed. In addition, earlier this year the GP closed its $1.7bn Permira Growth Opportunities fund, which is dedicated to minority equity investments in fast-growing and tech-enabled businesses. 

Permira VII follows four other mega-fund closings on €10bn or more held this year: Cinven VII, which closed on €10bn in May; Advent International GPE IX, which raised $17.5bn in June; Blackstone Capital Partners VIII, which held a final close on $26bn in September; and Vista Equity Partners Fund VII, which raised $16bn, also in September. 

Investors
The fund was strongly supported by existing investors, which re-upped in large numbers from the previous vehicle, according to the GP. In addition, several new LPs made commitments to the fund.

The LP base is composed of investors from different geographies, primarily Europe, the US and Asia. They include several North American pension funds, such as the California Public Employees Retirement System with €500m, the California State Teachers Retirement System with $550m and the Teachers Retirement System of Texas with €340m.

Investments
Permira VII deploys equity tickets of €250m-1bn in businesses with enterprise values in the €500m-3bn range. It invests in companies primarily based in Europe, but also targets US and Asia-headquartered businesses, helping them build a presence in the European marketplace.

The fund targets the consumer, financial services, healthcare, industrials and technology sectors. It has already committed to two new investments.

People
Permira – Tom Lister, Kurt Björklund (co-managing partners).

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