Permira, a pan-European buyout firm, has no plans to drop its global expansion strategy, despite the deterioration of the credit markets.
In its first annual report following recommendations by the Walker Committee last year, Permira chairman Damon Buffini admitted that the credit crunch has made the economic environment “considerably more challenging than it has been in recent years”, but that his firm would press on with its strategy of opening offices in Hong Kong and the US west coast this year.
As is the case with many other private equity funds, especially those in the large and mega buyout space, Buffini said that more time would be focused on improving companies in Permira's portfolio.
Permira's European portfolio includes German cable group ProSiebenSat.1, UK fashion chain New Look and motorway group the AA. According to the report, Permira invested EUR 3.4bn in 2007, while realising EUR 3.5bn (US$5.35bn invested, US$5.5bn realised).