UK-based buyout firm Permira is set to lose another two partners following the news last week that former managing partner Damon Buffini will step down by year end.
Veronica Eng and Charles Sherwood – two senior dealmakers that have been with Permira for decades – will be stepping down over the course of the year, Permira confirmed to PEI. The news was first reported by Sky.
Permira notified investors of the departure of Eng and Sherwood – who had both been working part time in recent years – last week but it did not trigger a key man clause.
The firm also said Fabrizio Carretti, head of Italy, Mubasher Sheikh, head of healthcare and Chris Davison, head of investor relations, have all been promoted to partner. Permira, which has approximately 27 partners worldwide, operates a system in which three or so partners step down every year and three are promoted each year.
Sherwood, who joined Permira in 1985, serves on the board and is a member of the investment committee. He previously led Permira’s consumer sector team and has been closely involved in establishing the firm’s financial services and healthcare teams. Sherwood served on the boards of Birthdays, Homebase, Provimi and Just Retirement and currently serves on the boards of Acromas and Saga.
Eng, who also has been with Permira for more than 25 years, sits on the board, chairs the Permira funds’ investment committee and had oversight of the firm’s operations in Asia. Prior to June 2011, Veronica was the Fund Minder of Permira IV, Permira Europe III, Permira Europe II and Permira Europe I.
During her tenure, Eng has worked in wide ranging roles on many Permira transactions across sectors and countries including acquisitions, exits, restructurings, as well as financings. Prior to joining Permira, Veronica was head of corporate finance at Schroder Investment Bank in Singapore, according to the firm’s website.
“Permira has undergone a managed succession of the senior team over the past seven years when Kurt Björklund and Tom Lister took over the leadership of the firm. The retirement of three of our long-standing partners during the course of 2015 is the last chapter of this transition,” a Permira spokesperson told PEI.
Eng will return to Singapore to take up a position as Practice Professor at the National University of Singapore, while Sherwood will split his time between climbing, going back to university to study for a master and continuing his involvement with some non-profit activities, Permira said.
“We are very grateful for Damon, Charles and Veronica’s exceptional contribution over the past three decades in building Permira into a leading international investment firm and wish them all the best with their future endeavours,” the spokesperson added.
Last week it emerged that former manager partner Damon Buffini is to leave Permira by the end of the year – having spent 27 years with the firm. He will continue as a senior advisor to the firm, as well as remaining a board member of fashion house Hugo Boss, in which Permira holds a 32 percent stake.
Permira is currently investing its €5.3 billion Permira V, which closed last year.