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Laxman Pai, Opalesque Asia: Private equity major Permira has beaten its €15bn target for its latest flagship fundraise to close Europe's second biggest-ever buyout fund.
UK-headquartered firm Permira has held a final close for its eighth buyout fund, Permira VIII (P8), on EUR 16.7bn ($17.7bn), said a media release. P8 saw strong demand from investors, closing above its target size which represents a 50% increase in size compared to its predecessor, P7, which closed at €11bn in 2019.
P8 is technically the largest PE fund to have been raised by a British firm: Luxembourg-headquartered CVC Capital Partners raised €21.3 billion for its UK-based fund in 2020.
According to the release, P8 secured investment from a globally diversified base of leading international investors, including public and private pension funds, sovereign wealth funds, endowments and foundations, institutional fund managers, and family offices of entrepreneurs. The Fund had a re-up rate of over 90% and welcomed over 50 new investors.
The fund will continue to invest in companies in the technology, consumer, financial services, healthcare, industrial tech, and services sectors, the release said.
P8 has already committed capital to four companies globally: Mimecast, Zendesk, Reorg, and Acuity Knowledge Partners.
Kurt Bjorklund, Managing Partner at Permira, said: "This fundraise is a testament to the close relationships we have built with investors over nearly four decades an...................... To view our full article Click here
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