Permira fund grew by a fifth last year
PRIVATE equity house Permira saw the value of its €9.6bn (£7.65bn) fourth fund jump by more than a fifth last year despite global economic turmoil.
The value of investments made so far in Fund IV rose 21 per cent in 2011, according to the annual review, published yesterday. The fund began in September 2006 although not all of the cash has been spent.
Managing partners Tom Lister and Kurt Björklund said the valuations reflected strong operational performance.
“It also reflected the well-diversified international nature of the portfolio with many companies enjoying significant exposure to higher growth emerging markets. Importantly, this strong growth was achieved despite a volatile macro-economic environment,” he said.
The review also showed that valuations across Permira’s three active funds rose 15 per cent last year.
Investments made by the fourth fund were valued at 1.26 times cost at the end of the first quarter of 2012, Permira has told investors in recent weeks.
The firm, whose interests includes Hugo Boss and Acromas, the owner of Saga and the AA, is currently considering first round offers for Iglo, the £2.5bn-rated firm behind frozen food specialist Birds Eye.