Permira has completed a €16.7 billion ($17.7 billion) fundraising for its latest flagship fund, giving the UK private equity firm fresh ammunition for deals, people with knowledge of the matter said.
(Bloomberg) — Permira has completed a €16.7 billion ($17.7 billion) fundraising for its latest flagship fund, giving the UK private equity firm fresh ammunition for deals, people with knowledge of the matter said.
London-based Permira recently hit the final close for its eighth buyout fund, according to the people, who asked not to be identified because the information is private. The firm beat its initial €15 billion target, the people said, asking not to be identified because the information is private.
Permira, led by managing partner Kurt Bjorklund, had already gathered €16 billion for the fund by July last year, Bloomberg News reported at the time. It’s known for successful bets in consumer, technology, health care and services, with investments including British bootmaker Dr. Martens Plc and German software company TeamViewer AG.
The buyout firm has already deployed capital from the latest pool for its $9.5 billion takeover of software maker Zendesk Inc. last year together with Hellman & Friedman. Permira also completed a $5.8 billion takeover of cybersecurity firm Mimecast Ltd. through its eighth fund and bought control of distressed-debt information provider Reorg Research Inc. In January this year, it agreed to acquire a majority stake in business intelligence firm Acuity Knowledge Partners.
Permira raised €11 billion for its last flagship fund in 2019. It completed a $4 billion fundraising for its second growth equity fund in December 2021.
Private equity fund investors have become more selective about the managers they back, as the major buyout firms shorten their fundraising cycles. That’s benefiting some of the larger buyout houses like Clayton Dubilier & Rice and Hellman & Friedman.
A representative for Permira declined to comment.
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