Annual Review2018

F L E X I B L E S O L U T I O N S F O R G R O W T H B U S I N E S S E S

W H O W E A R E

OUR BUSINESS PERMIRA Year in Review

2 0 1 8 H I G H L I G H T S

Raised across two CLO vehicles

c.€700m

E Q U I T Y S O L U T I O N S

The Permira funds provide equity to strong businesses to help them grow and achieve their ambitions.

C R E D I T S O L U T I O N S

The Permira Debt Managers (“PDM”) funds provide flexible loans to support growing businesses as well as capital to help the credit markets run smoothly. PDM funds and products have provided more than €7.9bn of debt capital to over 150 European businesses. 2018 highlights include:

21

ARating in PRI

reporting modulesCLO Manager

of the Year

2018

Invested in 22 businesses

€1bn+Structured

credit investments

9

STRUCTURED CREDIT

DIRECT LENDING

CLO MANAGEMENT

CONTROL BUYOUTS

TECHNOLOGY

INDUSTRIALSFINANCIAL SERVICES

HEALTHCARE CONSUMER

STRATEGIC MINORITIES

14 OFFICESWORLDWIDE

CarbonNeutral®Certified

CLOs raised with ESG criteria

2

The Permira funds offer a range of equity and credit solutions that are tailored to the long-term growth needs of each company.

PDM OFFICE

PERMIRA NETWORK

In Silicon Valley

10yrs

New team members

40 A+Rating in PRI

reporting modulesCarbonNeutral®

Certified

Realised across the funds

€3.3bn

Portfolio sales growth1

15%Portfolio EBITDA

growth1

19%

1. P5 and P6 portfolio year-on-year growth as at LTM Dec 2018

Invested across the funds

€3.2bn

W H O W E A R E

OUR BUSINESS PERMIRA Year in Review

43

A G L O B A L T E A M B O U N D B Y A D I S T I N C T C U L T U R E

The Permira culture unites a diverse team of 250+ individuals in 14 offices around the world. Central to this culture is a flat structure that encourages open communication and collaboration across sectors, geographies and functions.

The firm works hard to preserve this ethos in every generation of new joiners through inductions and training as well as regular firmwide and sector offsites.

P E O P L E , V A L U E S , C U LT U R E

We believe that the total is

greater than the sum of its parts.

Our worldwide team partners with

investors and portfolio companies

to help create better businesses.

Our reputation is built on our strict

adherence to sound business principles

based on honesty and fairness.

We apply those principles to

everything we do.

Our innovative and entrepreneurial

approach is at the heart of our

successful investment record to date.

We strive to retain this spirit to build

a truly distinctive portfolio

of investments.

P E R M I R A P R O M I S E

L E A D E R S H I P A N D G O V E R N A N C E

Permira is committed to maintaining the highest standards across the firm and the funds.

O P E R A T I O N S

Permira places a strong emphasis on the importance of its operational infrastructure.

Executive Committee (“ExCo”) Responsibility: day-to-day aspects of firm management.

T H R E E C O R E V A L U E S , O N E P R O M I S E

Partnership Integrity Creativity

Kurt Björklund

Co-Managing Partner

Tom Lister

Co-Managing Partner

Ulrich Gasse

Partner

Benoit Vauchy

Partner

Kurt Björklund

Co-Managing Partner

Tom Lister

Co-Managing Partner

Alex Emery

Partner, Head of Asia

John Coyle

Partner, Head of New York

Brian Ruder

Partner, Co-Head of Technology, Head of Menlo Park

Richard Sanders

Partner, Co-Head of Technology

Benoit Vauchy

Partner

Jörg Rockenhäuser

Partner, Head of DACH

Ignacio Faus

Partner and Chief Operating Officer

Duncan Smith

Finance Director

Peter Gibbs

Fund Counsel and Chief Operating Officer of PDM

Caroline Carr

Chief Human Resources Officer

Christopher Crozier

Chief Risk Officer

Chris Davison

Partner and Head of IR

Federation Leadership Group Responsibility: support the delivery of the investment strategy and effectively manage risk.

Board of PHL Responsibility: manages the operations of the firm. The board contains three non-executive directors, Nigel Carey, Vic Holmes and Dave Sauvarin as well as:

WHO WE ARE

O U R B U S I N E S S PERMIRA Year in Review

The Permira funds are large investors in a range of businesses around the world. We recognise the responsibility this brings and are committed to working with management teams to ensure that the funds’ portfolio companies adhere to the appropriate environmental, social and governance (ESG) standards. ESG and sustainability issues are assessed and monitored throughout the investment process, from the initial decision to invest through to our funds’ sale of the asset.

This is this the right thing to do for the communities in which we operate and the right thing to do commercially – helping to create more sustainable companies, which in turn drive superior returns for investors.

I N V E S T I N G R E S P O N S I B LY

65

5New representatives added

from across the firm

A B R O A D E R E S G G R O U P

Launched Permira Cyber Framework

C Y B E R S E C U R I T Y

U N P R I R E P O R T I N G

A+Rating

A N T I - B R I B E R Y & C O R R U P T I O N P O L I C Y C O D E O F C O N D U C T

P O R T F O L I O M E A S U R E M E N T

ESG comprises a broad range of topics, and the relevant issues for a company can vary significantly according to the product or service provided, the sector or region of operation, and the maturity or size of the company. Permira’s approach to ESG and engagement with portfolio companies allows for these variations, seeking to identify the most relevant topics for each company. However, there are common criteria across the funds’ portfolio companies which we monitor through a series of ESG related criteria, such as:

2 0 1 8 H I G H L I G H T S

I N D U S T R Y L E A D E R S H I P

Adinah Shackleton, Head of ESG, became

first female chair of the BVCA Responsible

Investment Advisory Group

C A R B O N N E U T R A L ®

Achieved CarbonNeutral®

certification

7%

89% 86%

86%

A U D I T C O M M I T T E E

4%11%

W H I S T L E B L O W I N G

82%

K E Y

YES

NO

DRAFT/PARTIAL

Increased focus on diversity and inclusion

in the firm

F O C U S O N D I V E R S I T Y

4%

11%

7%

4% 11%

PERMIRA Year in Review

WHO WE ARE

O U R B U S I N E S S

Permira has a long history of charitable giving. It was a founding partner of the Social Business Trust in the UK, which has now reached over 1.9 million beneficiaries and a cumulative £20 million in giving. The Permira Foundation is a registered charity and aims to broaden engagement with local communities, primarily on social entrepreneurship, skills and education. The Permira Foundation, together with the Permira partners, supports the following charities:

T H E P E R M I R A F O U N D A T I O N

Since 2017, our New York office has run an annual Summer Scholars programme for disadvantaged teenagers, in collaboration with Minds Matter and the Opportunity Network. The four-day programme provides students with exposure to potential careers within private equity.

M I N D S M A T T E R A N D T H E O P P O R T U N I T Y N E T W O R K

87

In 2018, our London office welcomed work experience students as part of Teach First, a programme intended to give pupils from disadvantaged backgrounds a better understanding of the job market and careers available.

T E A C H F I R S T P R O G R A M M E

PERMIRA Year in Review

WHO WE ARE

O U R B U S I N E S S

Permira pursues a growth-focused investment strategy based around sector thematic origination which results in a well-diversified and highly differentiated portfolio.

Our partnership with companies is built on the clear understanding that our funds will sell down their participation when the time is right in order to return capital to our fund’s investors.

F L E X I B L E E Q U I T Y S O L U T I O N S

109

I N V E S T I N G W E L L S E L L I N G W E L L

Realised across the funds in 2018

€3.3bn

NEW INVESTMENTS

ADD-ONS FOR THE FOLLOWING BUSINESSES

FULL AND PARTIAL DIVESTMENTS

TECHNOLOGY

INDUSTRIALS

FINANCIAL SERVICES

HEALTHCARE

CONSUMER

Invested across the funds in 2018

€3.2bn

K E Y

PDM Year in Review

WHO WE ARE

O U R B U S I N E S S

1211

F L E X I B L E C R E D I T S O L U T I O N S

PDM is an independent debt management business that supports growing businesses around Europe with flexible credit solutions. PDM also provides additional capital to the credit market by managing and investing in funds that buy and sell loans that others have arranged.

Founded over a decade ago, PDM is a significant participant in European credit markets, advising investment funds and products which have provided c.€7.9bn of debt capital to over 150+ European businesses.

L E A D E R S H I P T E A M

PDM is a partnership between Permira and PDM Partners. The business is led day-to-day by CEO James Greenwood and is governed by PDM’s Executive Committee (“ExCo”).

H E A D S O F S T R A T E G Y

PDM operates three investment strategies: Direct Lending, Structured Credit, CLO Management. These are led by:

D I R E C TL E N D I N G

PDM’s Direct Lending funds provide flexible credit solutions to mid-market European companies across the capital structure. The funds often build partnerships with companies over many years to help fuel their organic growth or make acquisitions to build the company at home or abroad.

NEW INVESTMENTS

FOLLOW-ON INVESTMENTS

Invested in 22 businesses in 2018

€1bn+

David Hirschmann

Head of Private Credit

Jihan Saeed

Investment Director – Structured Credit

Ariadna Stefanescu

Co-Portfolio Manager – CLO Management

James Greenwood

Chief Executive Officer

Thomas Kyriakoudis

Chief Investment Officer

Peter Gibbs

Chief Operating Officer

WHO WE ARE

O U R B U S I N E S S PDM Year in Review

1413

S T R U C T U R E D C R E D I T

Our Structured Credit funds provide long-term capital to support the European leveraged loan market by investing in other specialist CLO managers.

Our team’s experience and relationships across the European market enables it to identify and access the best managers. This strategy allows investors to build a diversified portfolio that benefits from the excellent risk/reward characteristics of the underlying loans.

C L O M A N A G E M E N T

CLOs are vehicles that enable 80-100 loans to be traded in one investment wrapper. PDM uses its 10+ years’ experience in European credit to make investment decisions. It then trades loans and bonds that are issued to support portfolio companies of other private equity funds.

In 2018 PDM bolstered its CLO team and successfully priced and closed two European vehicles, Providus CLO I and Providus CLO II.

In a pioneering move in the European market, the vehicles are some of the first CLOs to contain ESG criteria.

S B T C O R P O R A T E P A R T N E R S H I P

In 2018 PDM announced a new corporate partnership with Social Business Trust (“SBT”).

Founded in 2010, SBT is a charity which supports high-growth potential social enterprises (not-for-profit organisations which mainly fund their work by trading, rather than fundraising) to scale up their impact.

SBT does this by investing cash grants and professional support from corporate partners, like ourselves, in a carefully selected portfolio of social enterprises.

The PDM team has already begun to get involved across SBT’s portfolio, working with social enterprises including Brightside, Catch Up and Shakespeare Schools Foundation.

The PDM funds have been delivering value to investors for more than 10 years. A focus on ESG considerations is an important part of building lasting value in the PDM funds’ portfolio companies.

I N V E S T I N G R E S P O N S I B LY

ARating in PRI

reporting modules

The firm is CarbonNeutral® Certified

Four of the eight Investment Directors in PDM are female

Diversity

CLO’s raised with ESG criteria

2

Structured credit investments in 2018

9

CLO Management raised across two vehicles in 2018

c.€700m

Europe:

Permiradebtmanagers.comGlobal: Permira.com

China:

Permira.cnJapan:

Permira.jp

In this document, “Permira” means Permira Holdings Limited and its subsidiaries, including the various entities which each individually act as advisers or consultants in relation to the Permira funds. The “Permira funds” and the “funds” refer to one or more of the buyout funds advised by Permira and/or one or more Permira debt funds as appropriate. “Partner” is a title applied internally within Permira to certain senior professionals who are treated within Permira as partners, but not necessarily implying the carrying on of a business as a partner or in partnership.

Information contained in this document is believed by Permira to be accurate as at the date of this document; however, Permira accepts no

responsibility for such information and no reliance should be placed upon it. Certain information contained herein regarding the Permira funds is aggregated information relating to a number of Permira funds or has been derived by Permira. Such information is not reflective of the performance of individual funds or portfolio companies of those funds and no investor will benefit from those aggregated or derived returns. Past performance information contained in this document is not an indication of future performance. All statements of opinion and/or belief contained herein and all targets, forecasts or statements relating to expectations regarding future events or the possible future performance of any Permira funds or portfolio companies represent

the assessment of Permira on the basis of information available to it as at the date of this document. No representation or warranty is made or assurance given that any such statements, views, projections or forecasts are correct or that the objectives of such funds or businesses will be achieved. This document does not constitute an offer to sell, nor the solicitation or any offer to subscribe for or acquire, any interests in any Permira fund or in any portfolio company of a Permira fund. Investors and prospective investors should not treat this information as advice in relation to legal, taxation or investment matters.

Copyright © 2019 Permira I.P Limited

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