Permira collects $1.3bn for debut growth fund

The firm is targeting $2bn for Permira Growth Opportunities I and has made its first investment, Private Equity International has learned.

Permira Advisers has gathered $1.3 billion for a first close on its debut growth fund, Private Equity International has learned.

The London-based firm is targeting $2 billion for Permira Growth Opportunities I, according to a source with knowledge of the fund. Limited partners were informed of the close in late May, the source said.

The firm’s investment in Swedish fintech business Klarna, announced in July, was the first deal made from PGO I, PEI understands.

The fund marks a departure from Permira’s control buyout strategy, through which the firm amassed €7.5 billion for its sixth flagship vehicle in March 2017.

In April Ardian exceeded the hard-cap on its second growth fund after significantly increasing its commitments from continental entrepreneurs. The Paris-headquartered firm held a final close on Growth Fund II at €230 million, above its €200 million hard-cap and more than triple the size of its €70 million predecessor.

Hermes GPE, a London-based private equity manager, is understood to be mulling a domestic growth equity fund this year amid concerns over the impact of Brexit, PEI reported in October. The fund would seek to tap into a “rich vein” of potential growth opportunities that could emerge post-Brexit, according to head of private equity Peter Gale.

Permira declined to comment.