History
In the 1980s, J. Henry Schroder Wagg, a multinational asset management company, developed a concept for private equity funds to finance management buyouts. It operated as Schroder Ventures, headquartered in the UK. Nicholas Ferguson was appointed Chairman. [3] In many European countries like Germany and Spain, the Schroders fund was the very first private equity fund to be launched.
In 1996, Schroder Ventures staff from the UK, Germany, France, and Italy formed an independent company called Schroder Ventures Europe. It was renamed Permira in 2001 to reflect its separation from J. Henry Schroder Wagg. [4] [5] The Permira brand had been introduced earlier with the launch of the Permira Europe I and Permira Europe II investment funds. [6]
During the 1990s and 2000s, Permira became the largest private equity firm in the UK and Europe. [7] The firm invested in companies such as Cognis and Premiere. [8] [9] These acquisitions attracted widespread public attention. In 2002, Permira opened its first US office in New York City. [10] The firm also established a presence in Asia with its offices in Tokyo (2005–2022) [11] and Hong Kong (2008). [12]
In 2004, CVC and Permira bought from Centrica the British motoring association the AA, and in July 2007 merged the AA with Saga under Acromas Holdings. [13] In 2006, CVC and Permira were accused by Labour MP Gwyn Prosser in the House of Commons of "greed" and "blatant asset stripping" of the AA "to borrow £500m on the basis of the AA's assets in order to pay themselves a dividend." The AA responded that they were "happy to have a reasoned conversation with Mr Prosser." [14]
In 2021, Permira successfully closed its second multi-billion growth opportunities fund at its $4bn hard cap. [15] Most recently in 2023, the firm closed its eighth flagship buyout fund, Permira VIII, with total capital commitments of €16.7 billion. [16]
Investments
Permira advises buyouts, growth funds, equity funds, and credit funds that operate independently of the holding company. The funds are backed by institutional investors, [22] including banks, insurance companies, pension funds, asset managers and high net worth individuals.
Permira targets companies around the world with proven growth prospects, often in partnership with management. Permira seeks to enhance the value of businesses over the medium to long term, for example through spin-offs, mergers and acquisitions, and organic growth. A common exit strategy for Permira is the sale of companies to other companies or public offerings. [23]
Permira focuses on the technology, consumer, services, and healthcare sectors. High profile investments include Acuity Knowledge Partners, [24] Clearwater Analytics, [25] Engel & Völkers, [26] McAfee, [27] Neuraxpharm, [28] Reorg, [29] TeamViewer, Zendesk [30] [31] and Squarespace. [32] [33]
The Carlyle Group Inc. is an American multinational private equity, alternative asset management and financial services corporation based in the United States with $426 billion of assets under management. It specializes in private equity, real assets, and private credit. It is one of the largest mega-funds in the world. In 2015, Carlyle was the world's largest private equity firm by capital raised over the previous five years, according to the PEI 300 index. In the 2024 ranking however, it had slipped to sixth place.
In the field of finance, private equity (PE) is capital stock in a private company that does not offer stock to the general public. Private equity is offered instead to specialized investment funds and limited partnerships that take an active role in the management and structuring of the companies. In casual usage, "private equity" can refer to these investment firms rather than the companies that they invest in.
TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.
EQT AB is a Swedish global investment organization founded in 1994. Its funds invest in private equity, infrastructure, real estate, growth equity, and venture capital in Europe, North America, and Asia Pacific.
Cognis was a worldwide supplier of specialty chemicals and nutritional ingredients, headquartered in Monheim am Rhein, North Rhine-Westphalia, Germany. The company employs about 5,600 people and operates production or service centers in almost 30 countries. Cognis was acquired by BASF in 2010.
CVC Capital Partners is a Luxembourg-based private equity and investment advisory firm with approximately €186 billion of assets under management and approximately €157 billion in secured commitments since inception across American, European and Asian private equity, secondaries, credit funds and infrastructure. As of 31 December 2021, the funds managed or advised by CVC are invested in more than 100 companies worldwide, employing over 450,000 people in numerous countries. CVC was founded in 1981 and, as of 31 March 2022, has over 850 employees working across its network of 25 offices throughout EMEA, Asia and the Americas.
Goldman Sachs Asset Management Private Equity is the private equity arm of Goldman Sachs, focused on leveraged buyout and growth capital investments globally. The group, which is based in New York City, was founded in 1986.
In finance, the private-equity secondary market refers to the buying and selling of pre-existing investor commitments to private-equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private-equity funds as well as hedge funds can be more complex and labor-intensive.
Silver Lake, legally Silver Lake Technology Management, L.L.C., is an American global private equity firm focused on technology and technology-enabled investments. Silver Lake is headquartered in Silicon Valley and New York, and has offices in London, Hong Kong, and Singapore.
A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital. Often described as a financial sponsor, each firm will raise funds that will be invested in accordance with one or more specific investment strategies.
AlpInvest Partners is a global private equity asset manager with over $85 billion of committed capital since inception as of December 31, 2022. The firm invests on behalf of more than 450 institutional investors from North America, Asia, Europe, South America and Africa.
The history of private equity, venture capital, and the development of these asset classes has occurred through a series of boom-and-bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.
SVG Capital was a leading British private equity and investment management business. Headquartered in London, it was listed on the London Stock Exchange.
The early history of private equity relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.
HarbourVest Partners is a private equity fund of funds and one of the largest private equity investment managers globally. The firm invests in all types of private equity funds, including venture capital and leveraged buyout funds, and also directly in operating companies.
Partners Group Holding AG is a Swiss-based global private equity firm with US$147 billion in assets under management in private equity, private infrastructure, private real estate and private debt.
Capvis is a private equity firm focused on leveraged buyout and growth capital investments in middle-market companies across a range of industries in the Industrial Corridor of Europe.
Castle Harlan is a private equity firm based in New York City. The company focuses on buyouts and growth capital investments in middle-market companies across a range of industries. Founded in 1987, Castle Harlan invests in controlling interests in middle-market companies in North America and Europe, Australia and Southeast Asia through Castle Harlan Australian Mezzanine Partners.
Hg is a private equity firm targeting technology buyouts primarily in Europe and the US. Hg focuses on investments in technology and services sectors. It invests out of its 8th £2.5 billion core fund and its 2nd £575 million Mercury fund, targeting smaller technology buyouts, both raised in February 2017. Both funds were closed on their hard-caps and were more than 3x oversubscribed versus their targets, receiving strong re-ups from existing investors. The company raised its 1st time £1.5B Saturn large-cap fund in March 2018 and in 2020 raised $11B across three funds, Mercury 3, Genesis 9 and Saturn 2.
Ardian is a France-based, independent private equity investment company, founded and managed by Dominique Senequier. It is one of the largest European-headquartered private equity funds. The company was originally set up by Dominique Senequier in 1996 as the AXA Group's private equity division, but later gained independence in 2013, and rebranded itself as Ardian. The name Ardian (ar・di・an) was inspired by an ancient European language in which 'hardjan' mean strength, durability, and boldness. Ardian manages assets worth US$150 billion in Europe, North America and Asia, and has fifteen offices. The firm offers a funds of funds, direct funds, infrastructure, private debt and real estate, and manages a direct portfolio of more than 150 companies. Its fund of funds segments owns stakes in over 1500 funds. Ardian's 880 investors include institutional investors, funds of funds, government agencies, sovereign funds, family offices, pension funds and insurance companies). The firm has been ranked one of the largest companies by amount raised in equity by Private Equity International, and was named "Company of the Year" 2013 by the readers of Private Equity International.
