Permira hires new head of private credit

Formerly a managing director at Babson, David Hirschmann will focus on origination in France.

Permira Debt Managers has appointed David Hirschmann as its head of private credit in a newly created role, a spokeswoman for the firm told PDI.

The role has been created as a result of expanding origination capabilities and Hirschmann, formerly of Babson Capital Europe, will lead the origination of opportunities for Permira’s direct lending fund, particularly in France, she said.

The appointment follows that of Dan Hatcher in January, to lead UK origination and brings the total team size to 19, according to a statement.

Permira’s debt fund held a first close of €400 million in October last year and is due to hit its hard-cap of €800 million in July this year, as previously reported by PDI. The fund has made seven investments already.

Hirschmann, who was a managing director within the Babson direct lending team, has 15 years of experience in European credit, with a focus on leading the origination and execution of direct lending transactions.

He helped establish Babson’s European private debt business over the past 10 years and was member of its investment committee. He has also previously worked at UBS Investment Bank within the leveraged finance and financial sponsors team.

James Greenwood, chief executive of Permira Debt Managers, commented in a statment: “We are delighted to welcome David to PDM. He has fantastic experience sourcing and transacting deals, and his addition to the team will markedly increase our origination capabilities across continental Europe as our latest fund continues to make investments. We have been steadily expanding our franchise over the last five years to meet the growing need for direct lending, and expect to announce further appointments this year.”

Hirschmann added: “I’m delighted to join PDM at what is a great time for direct lending in Europe, given scarcity of bank liquidity. The ability of PDM’s direct lending funds to provide flexible financing packages for mid-market borrowers combined with support from the extensive Permira network can deliver value-creating long-term partnerships. I believe Permira’s international network and deep knowledge of industrial companies means that PDM is uniquely positioned to take advantage of the structural change in Europe’s capital markets.”