Permira seeks $1.5bn for debut Asia fund

The buyout firm is the latest global manager raising capital for investments in the region, Private Equity International has learned.

Permira Advisers, one of Europe’s biggest private equity firms, is preparing to launch its first Asia-focused vehicle and has begun speaking to potential investors about the fund.

The London-headquartered firm is seeking $1.5 billion for the vehicle, according to three sources familiar with the matter. The fund is likely to target investments where Permira has a presence, such as Hong Kong, mainland China, Japan and Korea.

Private Equity News first reported that Permira was planning to raise an Asia-focused vehicle.

Permira has been speaking to investors since it acquired the Shanghai-based team of Asian private equity firm Unitas Capital last year, one of the the sources said. The Unitas team joined to help deploy Permira’s 2014-vintage €5.3 billion fund buyout fund and source opportunities in China where Permira is active, PEI reported in January 2016.

Permira is the latest in a line of global private equity firms raising Asia-focused vehicles. On Tuesday Carlyle announced it had held a first close on Carlyle Asia Partners V, its latest Asia buyout fund, on more than $4.5 billion, and in June KKR amassed $9.3 billion for Asian Fund III, the largest such vehicle ever raised.

Blackstone is also reported to be targeting at least $3 billion for its first-ever Asia buyout fund, which will invest in high-end manufacturing, healthcare and consumer upgrade sectors, and Morgan Stanley Private Equity and TPG are also raising capital for the region.

Permira is investing its sixth flagship fund, Permira VI, which closed above its €6.5 billion target on €7.5 billion in March after 14 months of fundraising, according to PEI data.

Founded in 1985, Permira manages €32 billion in committed capital and employs more than 240 people in 14 offices spanning Europe, the US and Asia, according to its website.

The firm declined to comment.