Philip Bassett, partner and head of investor relations at Permira, is to leave the firm in December after almost 20 years, to be replaced by long-time deputy Chris Davison.
Bassett joined the London-based private equity group in 1995 when it was still called Schroder Ventures, tasked with building up its investor relations function, and was promoted to the partnership in 2004. During his time at Permira, he has successfully led four fundraisings, most recently the €5.3 billion Permira V.
The firm endured a difficult start to fundraising for Permira V in 2011 and 2012, complicated by under-performance in its portfolio and the ongoing crisis in the Eurozone. However, it was eventually able to close the fund on its revised hard cap in June of this year.
In a note sent to investors about Bassett's departure, the firm praised the “stellar job” he had done in creating “an outstanding investor base which has remained very supportive of the firm and investment strategy over the years”.
Basset's replacement Davison, who according to the firm co-led the fundraise for Permira V, joined Bassett's team in 2005, also going on to serve as director of communications. He was promoted to principal in 2008.
The IR team Davison will lead has expanded in recent years: it now constitutes ten people based in London, Dubai and Seoul, with a new hire expected in New York soon.
Permira declined to comment on Bassett's future plans.