Permira to set up Spanish base

Permira is to open a Spanish office in Madrid at the beginning of next year. Carlos Mallos, a former managing director of 3i in Barcelona, will head the Spanish business. He is currently based in Permira’s London office.

Permira is understood to be looking for investment opportunities in the Spanish market but has yet to invest there.

Spanish investments were up 26% to €418m for the first half of the year compared to the same period last year, according to Spanish venture capital association ASCRI. If the number of incomplete deals in the pipeline closes before year-end the association predicts over €1bn will have been invested during 2003.

Permira has recently closed the largest fund raising in Europe to date with its latest offering Permira Europe III which closed at over €5bn, see fund news this issue. The group has offices in Frankfurt, London, Milan, New York, Paris and Stockholm.