Funds

A recent report from the British Business Bank found that UK venture funds with a vintage year between 2002 and 2006 outperformed US funds from the same period.

The private equity giant has amassed €6.4bn for Carlyle Europe Partners V, almost €1bn more than its original target.

Its first fund, a 2008-vintage, still has four remaining assets and is operating at 0.8x gross total value, according to a source with knowledge of the matter.

The average total-value-to-paid-in multiple of active LBO funds hit 1.43x in the second quarter of this year – the lowest point in three years, according to eFront.

Funds I and II generated huge loss ratios but changed strategy Fund III onwards brought the ratio to zero.

Just over half of managers surveyed by law firm Dechert are thinking about launching vehicles to hold assets for longer than the traditional three to five years.

Permira VII is more than 50% larger than its 2016-vintage predecessor and comes four months after the manager closed its debut tech-focused minority stakes fund.

PEI caught up with Fi Dinh, who led ING's first ESG-linked revolving credit facility, to discuss fund terms, interest rate calculations and sustainability targets.

Only a tiny proportion of the giant listed firm's €40bn assets under management is paying carried interest.

The bank provided a subscription credit facility for Singapore's Quadria Capital that pegs its interest rate to fund-level ESG performance.