Fried Frank Takes Lead Role on €11BN Permira Fundraising
The firm fielded a transatlantic team on the mandate.
October 17, 2019 at 04:05 AM
2 minute read
Permira. Photo: Suzanne Plunkett/Bloomberg News
Fried Frank has picked up a major funds mandate for European private equity giant Permira on its seventh fundraising, which closed at €11 billion.
Permira is a longstanding funds client of the firm, with U.S. partner Richard Ansbacher having advised on two major fundraisings for the company in 2006 and 2014.
The fundraising process started in January of this year and the fund has already committed to two investments within Permira's target sectors of technology, consumer, financial services, healthcare, industrial tech and services.
Fried Frank's transatlantic team was headed up by U.S. corporate partners Richard Ansbacher and Kenneth Rosh, and included London corporate partners Sam Wilson, Gregg Beechey and Mark Mifsud. New York-based tax partner David Shapiro and executive compensation partner Jeffrey Ross also had roles.
The seventh fund follows the close of Permira's $1.7 billion Growth Opportunities Fund, which is dedicated to minority equity investments in fast-growing and tech-enabled businesses.
In its latest set of financial results, Fried Frank said its asset management and private equity practices had a particularly strong year. The firm's gross revenues grew to $684 million in 2018.
Earlier this year, Fried Frank hired Milbank finance partner Neil Caddy, while in 2018 it secured the hire of heavyweight corporate partner Ashar Qureshi from Freshfields Bruckhaus Deringer.
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