Performance watch: Permira

The firm is seeking €10bn for its seventh buyout fund, almost 50% larger than the target for its 2016-vintage predecessor.

Permira Advisers is targeting €10 billion for its seventh flagship fund, which will make mid- and large-cap investments in the US, Western Europe and Asia.

Target sectors are technology, consumer, industrials, financial services and healthcare.

If successful, Permira VII will be the firm’s largest vehicle to date. The firm gathered €7.25 billion against a €6.5 billion target for the 2016-vintage Permira VI.

Minnesota State Board of Investment committed €135 million; Oregon Public Employees’ Retirement System, €225 million; and Pennsylvania State Employees’ Retirement System, €67 million, according to PEI data.

Fund VII will have a six-year investment period and 10-year term, with potential for three one-year extension periods.

Permira could not be reached for comment.

The interactive chart below shows the firm’s previous fund performances for its buyout funds as of 31 December 2018, according to investment committee documents for the Minnesota SBI. The bubbles are sized proportionately to the size of the fund; toggle between the tabs to see how they have fared by net internal rate of return and multiple on invested capital.