Permira shuts €2.2bn fund

Michael Bow
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EUROPEAN private equity house Permira, which owns fashion label Hugo Boss, yesterday confirmed it had soft closed its new fund at €2.2bn (£1.9bn) – well short of an expected €6.5bn.

The group had spent almost two years on the road raising money for the fund, which is its fifth.

A previous Permira fund raised €11.1bn in 2006 but yesterday the group admitted defeat and had its first close on the fund, which means it can start investing the cash.

The company will now seek to raise a further €1.8bn to €2.8bn over the next year to top up the fund.