Permira NYC
Any thoughts regarding experience, culture, WLB, etc.? Understand consumer, services, healthcare, and climate are based out of this office.
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Are Permira's latest funds underwater? What would this mean for incoming associates?
Saw from another thread for stats as of latest quarter:
Seems very concerning to have 2 funds in the bottom quartile and generating lower than the 8% IRR hurdle rate, though the traditional MFs (BX/KKR/H&F/etc.) have posted very poor returns too as of late.
their returns are fine dork how else would they have had such a great recent fundraise
They raise 15bn out of 16.5bn in 2021 when things were hot, then took 1.5 years to close the additional 1.5bn. If you want to know what having two shitty funds in a row does to a firm, just look at Providence, BC Partners, or Carlyle & TPG pre GFC.
Their latest flagship fund (Permira VIII) began fundraising almost 4 years ago when the market was still in a bubble, and the fund closed over 2 years ago, so it's not considered a "recent fundraise" nor does it correlate with their recent performance. A lot has changed since Fund VIII began fundraising, and multiple of their investments has since gone underwater.
And yes, those returns numbers are indeed very concerning, but I wouldn't worry if you're an incoming associate - there is no way Permira is pulling your offer just because their 2 most recent flagship funds are generating single-digit IRRs. However, they are likely to struggle with their future fundraise(s) if the poor performance continues, so won't be a place you should consider staying longer term. It also won't be a fun experience at all to be staffed on multiple underperforming portcos.
any info on how their tech sector team is doing? and do they have a presence in NY at all or only SF
Their tech investments have been by far the biggest drag on fundwide performance. Heavy but not exclusive presence in SF.
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