PE firm Permira puts $1.5b debut Asia fund on hold: Report

Alex Emery, Permira. Partner and Asia Head.

European private equity firm Permira has reportedly put on hold its first Asia-focused fund that was targeting to raise $1.5 billion, as the firm tries to manage its existing portfolio companies in the region.

According to a report from AVCJ on Friday, the PE firm has postponed its debut Asia fund, rather than cancelling it. Once raised, the fund would add to the large cohort of global investors who have launched vehicles dedicated to investing in the region.

According to earlier reports, the London-headquartered firm was looking to make investments from the Asia fund in Hong Kong, China, Korea and Japan – all geographies where Permira Funds have a presence.

In the Asia Pacific, Permira has invested more than $3 billion in companies including Galaxy Entertainment Group, Sushiro Global Holdings and Tricor Holdings. Earlier this year, Permira bought Australia’s I-Med Radiology Network from Swiss PE firm EQT Partners and other investors.

In Asia, the firm had acquired PE firm Unitas in 2016 which merged its China team with Permira’s.

With Euro 32 billion in a committed capital, Permira is currently investing Euro 7.5 billion worth of capital, according to its website, and has a presence across 14 offices in Europe, the US and Asia.

The firm, which was founded in 1985 and operated under the Schroder Ventures brand, re-branded as Permira in 2001 after raising its first pan-European fund in 1997. Among the sectors that it invests are consumer, healthcare, financial services, industrials and technology.

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