The U.K. buyouts giant Permira is set to close on a $14 billion fund, making it the largest private equity fund ever raised outside the United States.
The closing of Permira IV will mark a near 50% increase on its $10.5 billion target, and will see the fund continue the investment strategy that has so far proved successful-focusing on large and complex buyouts in Europe.
Permira anticipates investing at least 70% of the fund’s capital in Europe, with the remainder invested in the United States and Japan. The fund is expected to focus on consumer products, chemicals and industrial products and services.
Fund-of-funds manager SVG Capital has committed $3.5 billion to the fund and SVG Advisers has committed about $1.3 billion.
Permira IV’s outsized capital commitments puts the firm on a par with the U.S. big league, such as Texas Pacific Group, which closed on nearly $14.3 billion in April; Kohlberg Kravis Roberts & Co., which is expected to close on a slightly higher figure this year; and The Blackstone Group, which this month held a final close of $15.6 billion on its latest fund.
“This fund puts Permira in a leading position in the market,” said Permira Managing Partner Damon Buffini.
In the months preceding the initial close, Permira also announced recent turnover among its top personnel. The firm promoted three pros to the role of partner, boosting Jrg Rockenhuser, Richard Sanders and Federico Saruggia and also announced that 12-year veteran Evelyn Ehlert and Graham Wrigley, who’d been with firm since 1989, have retired.