Permira investors redeem 13 per cent of €11.1bn fund
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.London-based buyout shop Permira, which has offered investors a chance to redeem some of their cash pledges to its last fund, said 13 per cent of the €11.1bn fund had been called back by cash-hungry contributors. The fund is now worth €9.6bn after 10 per cent of its investors took up the offer.
The buyout firm, which owns companies including the retailer New Look, said earlier this month it would allow backers to redeem as much as 40 per cent of their commitment to the fund. Investors are coming under pressure to redeem placements in areas such as private equity and hedge funds, and buyout firms, in the absence of easy debt, are struggling to put their money to work. Those investors redeeming will continue to pay the full management fees based on their original contributions to the fund plus forgo 25 per cent of their returns.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments