Permira names new top management in next chapter for PE firm

(Bloomberg) — Permira is naming two new co-managing partners, bringing new leadership to the top of the investment firm that manages about 80 billion euros ($86 billion) in private equity and credit funds.

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A statement published by Bloomberg News said the company has named Brian Ruder and Dipan Patel as co-managing partners and co-executive directors. Kurt Björklund, who is currently sole managing partner, will become executive chairman.

This is the first major change in a management position at Permira in 16 years. Björklund became co-managing partner in 2008 and as of 2021 remains the sole director of the company. Succession planning is important for private equity firms because their investors invest in funds that have a lifespan of ten or more years.

Björklund said in a statement that he “will remain actively engaged” as executive chairman, and the appointments of Ruder and Patel mark Permira’s “next chapter.” The nominations will take effect on September 1.

Ruder, a technology professional who joined Permira in 2008, lives in Menlo Park, California. He chairs Permira’s growth opportunity investment committee and co-chairs the buyout fund investment committee. London-based Patel, who started the business in 2009, is co-head of Permira’s consumer sector team.

Over the last 16 years, Permira has almost tripled the size of its team and acquired eight private equity funds and over 30 credit facilities with capital of approximately EUR 60 billion. Over the past twenty years, it has expanded into the United States, opening an office in New York in 2002 and Menlo Park in 2008.

Founded in 1985, the company announced that this year it will start implementing a climate strategy involving investments in companies related to the energy transition. In 2023, it completed a €16.7 billion fundraising for its latest flagship fund, giving it new deal-making ammunition.

While companies like Permira have managed to raise capital, investors are generally becoming more demanding and are gravitating towards companies that actively invest their cash to earn a return.

Over the past few months, Permira announced deals to invest in patient services provider PharmaCord and agreed to acquire Squarespace Inc. website development company in a $6.6 billion deal and acquired a majority stake in Israeli fraud protection company BioCatch in a $1.3 billion deal. Last year, it bought out other shareholders of advertising firm Adevinta ASA, along with Blackstone Inc. for the amount of EUR 14 billion.

Earlier this year, the company sold majority stakes in fund administrator Alter Domus and Spain’s Universidad Europe to Cinven and EQT AB, respectively.