Permira set for €800m summer close

The credit arm of the private equity firm is set to hit its hard cap of €800 million for Permira Credit Solutions II.

Permira Debt Managers (PDM) should close its new direct lending fund, Permira Credit Solutions II (PCS II), at its hard cap of €800 million in July, a source familiar with the situation told PDI. The private equity-owned firm has asked investors to commit to the fund by the end of June, a second source said.

A spokesperson for PDM declined to comment and said that the final total of the fund was unconfirmed so far.

Permira’s first credit fund invested in the debt of a variety of sponsor-backed companies. In contrast, the new fund will look at sponsor-backed debt and beyond, originating deals directly with companies. It will use Permira’s resources and network across Europe to help source deals, as reported by PDI previously. Ahead of its October 2014 €400 million first close, PCS II had raised commitments from pension funds, insurance companies and family offices across Europe, North America, Asia and the Middle East.

PDM was established in 2007 and deploys capital via direct lending, structured credit and CLO strategies. It invests from six offices in European countries including the UK, France, Germany, Sweden, Italy and Spain.