11 billion euro fund launched from Guernsey

07 November 2019

An €11 billion buy-out fund has been launched from Guernsey by global private equity manager Permira.

Permira VII, a closed-ended fund, is a significant-sized fund for the island, which has total funds under management and administration of nearly £300 billion.

The fund has total commitments of €11 billion, and is set to invest in market-leading businesses that benefit from strong and resilient underlying growth drivers within the technology, consumer, financial services, healthcare and industrial technology industries. It has already committed to two investments.

Existing investors have supported the fund launch, alongside a number of new relationships from all over the world.

Permira has a long association with Guernsey, which is a global specialist for private equity and closed-ended funds. Lawyers from Carey Olsen in the island and in London assisted on the launch, alongside lead counsel Fried Frank.

Partner Tom Carey said: "Carey Olsen has been privileged to work with Permira on the establishment of its Guernsey fund structures for some time and it was pleasing to see Permira VII prove to be yet another hugely successful fundraise for the firm.”

The commitments raised for the fund outstripped the €7.5 billion raised by the firm’s previous buy-out fund.

Guernsey is currently flourishing in terms of private equity funds activity, with interest from investors and managers. The island’s position outside of the EU has proved advantageous for those concerned about the impact of and political uncertainty caused by Brexit.

“Guernsey has long been the home for excellence in private equity and our industry continues to grow. In Guernsey managers can have speed to market, benefit from a simple regulatory regime, and experience a practical approach from an experienced workforce,” said Guernsey Finance Chief Executive Dominic Wheatley.

“This impressive fund launch comes from a leading manager with longstanding experience of Guernsey, and is another validation of the strength of our private equity offering.”

"Guernsey has long been the home for excellence in private equity and our industry continues to grow."
Dominic Wheatley, Chief Executive, Guernsey Finance 
Back to News
Download Find a related practitioner