CONNECT TO PERMIRA CONNECT TO GROWTH · CONNECT TO PERMIRA CONNECT TO GROWTH. A leading provider of carrier-neutral ... which completed in April 2016. Permira was a pioneer in European

ANNUAL RE VIE W 2015

CONNEC T TO PERMIR A

CONNEC T TO GROW TH

A leading provider of carrier-neutral datacentre services in Sub-Saharan Africa

A fast-growing better-for-you snacks business

Global retailer delivering fast fashion for women, men and teens

One of the world’s largest agrochemical businesses

Leading receivables management businesses in Germany, the UK, Austria and Switzerland

A branded pan-European frozen food company

A leading European player in outdoor holidays One of the worlds leading aquatic health groups focused on the fast-growing aquaculture industry

A leading independent provider of data integration software

A global leader in embedded processing solutions for the automotive, consumer, industrial and networking markets

Enterprise e-commerce software and platform One of the world’s leading companies in the premium and luxury segment of the apparel market

€1.5bnInvested

€5.0bn1

Divested

2015 NEW INVESTMENTS 2015 DIVESTMENTS

BUYING WELL SELLING WELL

Find out more about our funds’ investmentson page 5

Find out more about our funds’ recent divestments on page 6

1 Proceeds received during 2015 including proceeds from the sale of Creganna

which completed in April 2016.

Permira was a pioneer in European private

equity. Since 1985, the Permira funds have

made over 200 investments.

We partner with world-class

management teams to unlock the

full potential of the companies in which

the Permira funds invest.

We are purely focused on companies with

signifi cant potential to grow and become

global industry leaders. We focus on

growth as the core driver of returns,

rather than fi nancial engineering.

MORE THAN 30 YEARS’ EXPERIENCE

PARTNERING WITH MANAGEMENT

TO DRIVE GROWTH

Permira at a glance

During our 30-year history, the Permira funds have partnered

with more than 200 ambitious businesses. We work closely with

exceptional management teams to help them solve complex

issues. By providing patient capital, board support and access

to our global networks, we help transform great businesses into

global leaders.

1 At entry in Permira V (“P5”).

30+Years

200+Investments

170+Divestments

12%P5 portfolio

EBITDA growth

8%P5 portfoliosales growth

3.8xAverage leverage1

22%Year-on-year

portfolio valuation growth

Mutually agreed business plan & fi nancial targets

Long term

Shared vision

Partnership

Average 5-year investment period

Strategic partner formanagement

Constructive boardmembers to support

key decisions

€31bnFunds raised

The Permira funds invest in large

companies across fi ve sectors.

Our teams look beyond the macro to

identify sub-sectors with signifi cant

underlying growth potential. Equity

invested since inception:

We have more than 200 people in 14

offi ces across Europe, the US and Asia.

Our teams help companies realise their

global growth ambitions, fi nd acquisition

targets, attract new management and

develop strategic relationships.

Throughout our history the Permira

funds have delivered strong returns

for our investors and the millions of

individuals that invest through them,

who are the ultimate benefi ciaries

of this outperformance.

IN FIVE SECTORS

ACROSS OUR GLOBAL PLATFORM

PRODUCING STRONG RETURNS FOR INVESTORS

1 As at 31 March 2016. Excludes Sisal, the divestment of which completed in May 2016. Includes Arcaplanet, which completed in May 2016 and John Masters Organics, which signed in May 2016.2 As at 31 March 2016. Excludes Saga (Acromas), the divestment of which completed in April 2016.3 As at 31 March 2016. Excludes Creganna, the divestment of which completed in April 2016.4 As at 31 March 2016. Excludes Ancestry, the partial divestment of which completed in May 2016.5 Permira funds returns shown as at 31 December 2015 and with respect to P4 include Continuing Limited Partners (“CLPs”) only. Top quartile and Public Market Equivalent (“PME”) analysis from

Thomson Eikon as at 24 May 2016. For industry benchmark net IRRs, “All funds since 1985” are benchmarked against Global buy-out funds (available data for 1985-95,1997, 2000, 2003, 2006 and 2014) and PE1-P5 funds are benchmarked against ”Medium”, “Large” and “Mega” buy-out funds (available data for 1997, 2000, 2003, 2006 and 2014) to 31 December 2015 (latest available).

14Offi ces

200+Employees

27Partners

PME (S&P 500)

PME (FTSE World Europe)

PERMIRA FUNDS’ NET IRR VS TOP

QUARTILE BENCHMARK & PMES5

Permira funds

Top quartile

P5 INVESTORS BY TYPE

Pension funds (56%)

Other fi nancial institutions (29%)

Investment managers (15%)

Consumer

€7.7bn1

Technology

€7.3bn4

Industrials

€4.0bn

Financial Services

€1.8bn2

Healthcare

€0.8bn3

PERMIRA ANNUAL REVIEW 2015

PERMIRA AT A GLANCE

5%7%

9%6%

16%

21%21%23%

All funds since 1985 PE1-P5

1

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INTRODUCTION

A year of notable successes for Permira

Contents

SECTION 1COMPANY OVERVIEWPermira at a glance 1

SECTION 2ACTIVITY REVIEWInformatica case study 2Investing well 4New investments 5Selling well 6

SECTION 5ORGANISATION & TEAMGFKL Lowell case study 38Organisation & team 40

SECTION 6INVESTING RESPONSIBLYPharmaq case study 42Investing responsibly 44Netafi m case study 47

SECTION 4PRIVATE CREDITDavid Brown case study 32Permira Debt Managers 34

SECTION 3OUR INVESTMENT STRATEGYHugo Boss case study 8Investment strategy 10Sector focus Consumer 12Financial Services 16Healthcare 20Industrials 24Technology 28

Our long-term strategy of partnering with world-class management to accelerate growth has been working well. The Permira funds deployed £1.5bn in six investments across our fi ve sectors and a record €5bn1 was returned to our funds’ investors. The remaining portfolio continues to perform well, delivering EBITDA growth of 8% in 2015 and outperforming public market and private equity benchmarks. We believe that our sector-focused investment strategy, our long-term partnership approach and our large global team, will enable us to drive growth, and produce strong returns for our blue-chip investor base. Our private credit business, Permira Debt Managers, also had a strong year with Permira Credit Solutions II committing €553 million to 16 investments in 2015.

AT A GLANCE Cover image: ABS satellite launch, March 2015.

1 Proceeds received during 2015 including proceeds from the sale of Creganna which completed in April 2016.

2

Informatica is one of the world’s leading independent

providers of data integration software.

Informatica is ideally positioned to benefi t from technology trends in cloud, big data, master data management and data security. We are focused on building the company into a multi-billion dollar category leader in data management.

ANIL CHAKRAVARTHY CEO

WHY WE BACKED INFORMATICA

Informatica operates at the

nexus of major technology

trends including big data,

the on-premise-to-cloud

transition and data security

It operates in a multi-billion

dollar total addressable

market (TAM) that is driven

by compelling structural

growth trends (markets

growing c. +10% p.a.)

In that TAM, it is a leading

solutions provider within all

of its four segments of

activity; data integration,

master data management,

data quality and data security

Highly defensible business

model with over 50% of

recurring revenue and

fantastic customer loyalty

represented by top-decile

renewal rates and NPS

THE INVESTMENT STRATEGY

To bring to bear Permira’s

Technology Team Silicon

Valley network – including

the co-investors in this

investment: Microsoft

and Salesforce

To build on the company’s

leading position in its four

core billion-dollar+ markets

and invest heavily in its

leading big data and cloud

integration capabilities

To transition more revenue

streams to subscription

based models

To leverage best practices in

areas such as go-to-market

strategy, product innovation

and customer support,

built from successful

software investments

TECHNOLOGY

See more on our sectors p12

3PERMIRA ANNUAL REVIEW 2015

ACTIVITY REVIEW

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2ACTIVITY REVIEW

In this sectionInformatica case study 2Investing well 4New investments 5Selling well 6

4

Investing well

Permira’s strategy is designed to pro-actively identify

investment opportunities in sectors that have the potential for

long-term growth irrespective of trends in the wider economy.

GROW TH SUB -SEC TOR

OPPORTUNIT Y FOR R APID EXPANSION

MULTIPLE VALUE CRE ATION

LEVERS

WORLD - CL ASS MANAGEMENT

PRIOR ACCESS TO THE

OPPORTUNIT Y

WHAT WE LOOK FOR:

The DNA of a Permira funds’ investment.

Our sector teams identify attractive sub-sectors that

benefi t from strong underlying growth trends and then

begin detailed analysis of the most attractive companies

operating in that space. At a micro level we then undertake

detailed due diligence on the company, its management

and its potential for signifi cant expansion.


ACTIVITY REVIEW

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5

New investments

The Permira Funds enjoyed a strong year in 2015 in terms of

both new investments and portfolio company divestments.

Our current fund P5, made the following investments in the year.

COMPANY SECTOR

INVESTMENT

DATE

SIZE OF

TRANSACTION INVESTMENT CASE

A leading provider of carrier

neutral datacentre services

in Sub-Saharan Africa

Feb

2015€110m Growing its presence in the Sub-Saharan region by

supporting its existing customers in new geographies

Leading receivables

management businesses

in Germany, the UK,

Austria and Switzerland

Jun/Oct

2015€2.3bn The combination of Lowell and GFKL creates one of

the largest credit management businesses in Europe.

Investing in data analytics and foster operational

excellence to become a leader in a consolidating market

A fast growing better-for-you

snacks business

Jul

2015€165m Supporting international growth and transition to a

brand-led company

A leading European player

in outdoor holidays

Jul

2015€400m Building on a strong platform to consolidate fragmented

European market in outdoor holidays

A leading independent

provider of data

integration software

Aug

2015€4.7bn Driving operational improvement in exciting structural

growth market

Enterprise e-commerce

software and platform

Oct

2015€200m Developing ecosystem and improve cash conversion

€1.5bnInvested in 2015

6

Selling well

1 Proceeds received during 2015 and proceeds from the sale of Creganna which completed in April 2016.

2 The divestment of Saga was completed in April 2016. Returns include The AA proceeds.

3 1.6x MoM of which 1.1x MoM (€883m) in cash and 0.5x MoM (€420m) in anticipated deferred consideration.

4 The partial divestment of Ancestry completed in May 2016.

COMPANY SECTOR DATE FUND PERMIRA VALUE ADD EXIT TYPE

RETURN

MULTIPLE

Global retailer delivering

fast fashion for women,

men and teens

May

2015PE2

Transformed into a fl exible

multichannel retailer with a rapidly

growing e-commerce channel

Full Realisation/

Secondary Buy-Out4.4x

Leading frozen food company

with operations across Europe

Sep

2015PE3

Created the only pan-European

frozen food platform. Invested

in product innovation to build

a strong product pipeline

Full Realisation/

Trade Sale2.4x

One of the UK’s leading providers

of products and services to the

over-50s demographic, ranging

from travel, insurance and

fi nancial services

Apr

2016PE3

Expanded product offering

and signifi cant operational

improvement

Full Realisation/

Share Sale4.6x2

Leading global

agro-chemical business

Mar

2015P4

Expanded organically in high-

growth markets and extended

its product line through the

acquisition of Goëmar

Partial Realisation/

Trade Sale1.6x3

to date

Luxury fashion house of

womenswear, menswear,

accessories, beauty and shoes

Mar

2015P4

Transformed into a fast growing

branded retailer through the

international expansion of retail

network and growth of e-commerce

Full Realisation/

Share Sale2.2x

The world’s largest for-profi t

genealogy company

May

2016P4

Strengthened its core online

genealogy products while

dramatically developing the

emerging DNA business


Sale to Financial Buyer2.6x4

to date

Retirement income solutions

provider

Mar/

Aug/

Oct

2015

P4Merged with Partnership, enabling

the group to offer even better

value to customers, investors and

business partners


Merger/

Placing and Open Offer

Not

Disclosed

€5.0bn1

2015 Proceeds


ACTIVITY REVIEW

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1 The divestment of Creganna completed in April 2016.

2 The divestment of Intelligrated was announced in July 2016.

COMPANY SECTOR DATE FUND PERMIRA VALUE ADD EXIT TYPE

RETURN

MULTIPLE

A global leader in health products

focused on the fast-growing

aquaculture industry

Nov

2015P4

Delivered international growth and

new product development plans

Full Realisation/

Trade Sale3.3x

A global leader in embedded

processing solutions for the

automotive, consumer, industrial

and networking markets

Jun/Jul

2016

Dec

2015

P4Merged with NXP creating a

semiconductor industry leader

in the automotive and Internet

of Things segments

Full Realisation/

Trade Sale1.1x

A leading provider of

advanced automated

material handling solutions2

July

2016P4

Expanded into emerging markets

and enhanced software capabilities

Full Realisation/

Trade Sale5.2x

A market leading sushi

restaurant chain in Japan

Dec

2015P4

Refi nanced to allow the company

to continue to make investments

in multiple growth initiatives


Recapitalisation

Not

Disclosed

A leading manufacturer in

minimally invasive surgery

delivery devices

Apr

20161 P4Transformed from a medical

component manufacturer to

a global leader in end-to-end

manufacturing through the

acquisitions of Precision Wire

Components and ABT

Full Realisation/

Trade Sale3.3x

A leading online legal services

company in the USA

May

2015P5

Continued investment in new

products and operational

infrastructure


Refi nancing

Not

Disclosed

8

CONSUMER

During the funds’ seven-year partnership with Hugo

Boss, we helped transform the company into a global

leader in the premium and luxury segment of the

apparel market with a presence of over 7,000 points

of sale across 129 countries. Our global network and

relationships across the retail ecosystem, as well as

our experience at developing global consumer brands,

made Permira the ideal partner.

TOGETHER WE ACHIEVED

The transformation of

Hugo Boss from a wholesale

supplier into a fast-growing

branded retailer, becoming

one of the ten most valuable

fashion brands worldwide

International expansion

in the Americas and Asia,

increasing share of revenues

by ten percent from 2007

to 2014

Clear brand differentiation

and the strengthening

of women’s wear and

accessories businesses

The launch of online stores

in all core countries since

2008 and the continuous

improvement in the offering

and customer experience

by way of a multi-channel

approach

Permira saw Hugo Boss’ huge potential from the very beginning and always acted as a reliable partner.

CLAUS-DIETRICH LAHRSCEO, 2008 – 2015

2007Acquisition

year

2.3xROI

44%Employee

growth

2015Exit year

0 200 400 600 800 1000 1200

Expansion of own retail network

Number of stores

2014/1040 stores

2007/333 stores


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INVESTMENT STRATEGY

In this sectionHugo Boss case study 8Investment strategy 10

Sector focusConsumer 12Financial Services 16Healthcare 20Industrials 24Technology 28

3INVESTMENT STRATEGY

10

Investment strategy

The Permira funds identify long-term trends we want to back

across fi ve key sectors. We then look beyond those trends to

identify market-leading businesses with strong growth potential.

We support these businesses over an average of fi ve years,

using our expertise and network to help them sustainably

improve operations and achieve their ambitions.

€1.5bnInvested in 6 new portfolio companies

8%P5 average sales growth

12%P5 EBITDA growth

Sales & Marketing

Mergers & acquisitions

Management Operations

INVESTING WELL

DRIVING PORTFOLIO GROWTH

Value Creation


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INVESTMENT STRATEGY

€5.0bnProceeds1

23%Net IRR since inception

Producing consistently strong

returns to our investors and the

millions of individuals that commit

to the underlying pension funds

and insurance schemes

PERMIRA FUNDS’ NET IRR VS TOP

QUARTILE BENCHMARK & PMES2

Permira funds

Top quartile

PME (S&P 500)

PME (FTSE World Europe)

SELLING WELL DELIVERING RESULTS

1 Proceeds received during 2015 including proceeds from the divestment of Creganna which completed in April 2016.2 Permira funds returns shown as at 31 December 2015 and with respect to P4 include Continuing Limited Partners (“CLPs”) only. Top quartile and Public Market Equivalent (“PME”) analysis from

Thomson Eikon as at 24 May 2016. For industry benchmark net IRRs, “All funds since 1985” are benchmarked against Global buy-out funds (available data for 1985-95,1997, 2000, 2003, 2006 and 2014) and PE1-P5 funds are benchmarked against ”Medium”, “Large” and “Mega” buy-out funds (available data for 1997, 2000, 2003, 2006 and 2014) to 31 December 2015 (latest available).

5%7%

9%6%

16%

21%21%23%

All funds since 1985 PE1-P5

12

Sector focus

CONSUMER

Consumer cohorts are changing at an ever-increasing pace. At a macro level this shift is driven by four global megatrends: urbanisation; the rising middle class; the aging population; and interconnectedness. But these global shifts in consumer circumstances are also happening in combination with profound changes in consumer preferences and behaviours. Proliferation of choice, for example, has resulted in the pre-eminence of two clear fi lters – price and content. In turn, that has yielded the rise of value formats and the imperative for premium product to offer clear differentiation. At the same time, technological change and social media are forcing consumer businesses to develop a far greater understanding of their customers and to prioritise real engagement. Meanwhile, at both ends of the age cohorts (millennials and the older generation) is the rise of the health and socially conscious consumers. Increasingly they are less focused on owning, and more focused on experiences.


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INVESTMENT STRATEGY

1 As at 31 March 2016. Figures exclude Sisal, the divestment of which completed in May 2016 and include Arcaplanet which completed in May 2016 and John Masters Organics which completed

in June 2016.

10Portfolio

companies1

€7.7bnEquity invested1

€4.9bnTotal sales1

14

Sector focus

We focus on the following areas: Throughout our history, the Permira funds have been a leading investor in consumer businesses. Our expertise in developing and growing global brands is supplemented by our technology and e-commerce franchises.

The fundamental shifts in consumer behaviour outlined on the previous page have helped to defi ne and inform the consumer team’s current sub-sector focus.

CONSUMER

APPAREL, ACCESSORIES, FOOTWEAR AND LIFESTYLE

HEALTH AND WELLNESS

VALUE AND/OR EXPERIENCE-BASED LEISURE

OMNI-CHANNEL SPECIALISED RETAILERS

CONSUMER TECHNOLOGY

CHERYL POTTERPARTNER HEAD OF CONSUMERLONDON


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INVESTMENT STRATEGY

BUYING WELLSelected current portfolio 20161

SELLING WELLSelected past investments

1 Excludes residual minority stakes.

2 Completed May 2016.

3 Completed June 2016.

COMPANY DESCRIPTION

Market-leading sushi restaurant chain

operator in Japan

A leading pet food retail chain

in Italy2

A globally recognised leader in the

manufacturing, development and

commercialisation of innovative,

science-based health products

A fast-growing better-for-you

snacks business

Iconic British footwear brand

An online travel agency in Spain,

Italy, Portugal, France, the UK,

Germany and the Nordics

A leading organic personal care

brand in Japan3

A leading European player in

outdoor holidays

COMPANY DESCRIPTION

Luxury motor-yachts manufacturer

A casino and hotel operator in

Macau SAR, China

One of the largest DIY retail

brands in the UK

A global leader in the premium

and luxury segment of the

apparel market

A branded pan-European

frozen food company

Global retailer delivering fast

fashion for men and teens

One of the largest fashion retailers

in Germany

One of the world’s most exclusive

fashion brands

16

Sector focus

FINANCIAL SERVICES

The fi nancial services industry is currently witnessing unprecedented regulatory and technological change. This dynamic is driving the largest institutions to re-focus on their core and look for ways to adapt to growing regulatory costs, as well as accelerating the consolidation of fragmented industries.

The effect of large institutions refocusing on their core is to create strong growth opportunities for challenger businesses to serve those newly under served market segments, especially for those with lower cost structures as a result of new technology (versus legacy systems at traditional players). Increasing regulation is pushing up the cost and increasing complexity of operating many fi nancial services businesses, which is proving challenging for sub-scale players. That and other regulatory pressures will drive consolidation of fragmented industries.


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INVESTMENT STRATEGY

1 As at 31 March 2016. The fi gures exclude Saga (Acromas), the divestment of which completed in April 2016.

3Portfolio

companies1



18

We focus on the following areas:

JAMES FRASER PARTNERCO-HEAD OF FINANCIAL SERVICES LONDON

PHILIP MUELDERPARTNERCO-HEAD OF FINANCIAL SERVICESHEAD OF LONDON

Our global team of investment professionals has extensive experience of backing leading brands in a variety of sub-sectors including asset management and specialty insurance. We continue to look for innovative businesses with outstanding customer propositions.

Sector focus

FINANCIAL SERVICES

ASSET AND WEALTH MANAGEMENT

SPECIALIST INSURANCE

SPECIALIST FINANCE

FINANCIAL INFRASTRUCTURE


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INVESTMENT STRATEGY



COMPANY DESCRIPTION

A specialist UK fi nancial services

business that provides fi nancial

solutions to people either in or

approaching retirement

A leader in the UK wealth

management market

A leading receivables management

business in Germany, the UK,

Austria and Switzerland

COMPANY DESCRIPTION

One of the UK’s leading providers of

products and services to the over-50s

demographic, ranging from travel,

insurance and fi nancial services.

One of the UK’s largest roadside

recovery businesses and a leading

insurance broker

20

Sector focus

HEALTHCARE

The Healthcare sector is a large and highly attractive market with healthcare expenditure accounting for circa 14% of global GDP. The sector enjoys strong fundamentals with attractive pricing and robust growth driven by aging populations, the rise of obesity and health and wellness consumerism to name but a few trends. The opportunities are many but the challenges facing investors are also sizeable. Asset valuations are at their highest levels in over a decade and deep-pocketed strategic buyers are pursuing M&A fi ercely while global deal fl ow is low.

The Permira Healthcare sector team seeks to look beyond the obvious trends, focusing instead on differentiated and more complex themes and businesses which have the potential to become more valuable.


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INVESTMENT STRATEGY

1 As at 31 March 2016 excluding Creganna, the divestment of which completed in April 2016.

1Portfolio

company1

€800mEquity invested1

€180mCurrent sales1

22

Sector focus


MUBASHER SHEIKHPARTNERHEAD OF HEALTHCARELONDON

Our healthcare group was established in 2008. We have built a team with a combination of clinical, management and investment expertise, who supports innovative fast-growing healthcare businesses and helps them reach their full potential.

HEALTHCARE

ANIMAL HEALTH

SPECIALIST MEDICAL TECHNOLOGY

EFFICIENCY OF THE HEALTHCARE SYSTEM

SPECIFIC THERAPEUTIC AREAS OF PHARMA


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INVESTMENT STRATEGY



COMPANY DESCRIPTION

Management of medical

equipment and assets in

hospitals and private clinics

COMPANY DESCRIPTION

Global manufacturer of delivery

devices for the minimally invasive

vascular surgery market

One of the world’s leading aquatic

health groups manufacturing

vaccines and therapeutic products

for the aquaculture industry

One of Germany’s leading

manufacturers of ophthalmic

lenses and frames

24

INDUSTRIALS

Sector focus

The need to fi nd solutions to the scarcity of natural resources and the imperative to increase effi ciency across supply chains are driving innovation in the industrials sector. At the same time, regulatory changes and consumer pressure are demanding ever higher environmental and ethical standards from industrial businesses. Within the industrials sector we look for businesses that can differentiate themselves through smart technology adoption, service orientation leveraging strong customer relationships and global expansion strategies.

We have a great deal of experience in the sector and have a track record of helping businesses benefi t from these trends, most recently with Intelligrated, a leading North American-based advanced fulfi lment solutions provider. In a little over four years the business increased revenue by more than 90% through new customer wins, tripling R&D investment and enhancing its software capabilities.


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INVESTMENT STRATEGY

1 As at 31 March 2016 excluding Intelligrated, the divestment of which was announced in July 2016.

3Portfolio

companies1



26

Sector focus


RICHARD CAREY PARTNERCO-HEAD OF INDUSTRIALS NEW YORK

TORSTEN VOGTPARTNER CO-HEAD OF INDUSTRIALS FRANKFURT

Permira’s global network of industry experts and investment specialists have advised many industrial and chemical companies in driving innovation and effi ciency to achieve growth. Today they are ready to accompany world-class industrial businesses who seek to gain advantage through the adoption of new technologies.

INDUSTRIALS

FOOD CHAIN

SERVICES

INDUSTRIAL BRANDS


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INVESTMENT STRATEGY



COMPANY DESCRIPTION

An industry leader in providing

temporary liquid and solid

containment, pump, fi ltration

and trench shoring solutions

A supplier of fi ne and specialty

chemicals and customer

manufacturing solutions

A global leader in smart drip

and micro irrigation solutions

for sustainable agriculture and

other applications

COMPANY DESCRIPTION

A global leader in the personal

protection equipment industry

One of the world’s largest

agrochemical businesses

A global leader in ‘green chemistry’

A leading provider of

advanced automated

material handling solutions1

An aviation services company

Animal nutrition solutions business

1 The divestment of Intelligrated was announced in July 2016.

28

Sector focus

The Technology team benefi ts from addressing a large, global market opportunity that is continually evolving. After 30 years of investing experience, the team’s approach remains consistent – focusing on identifying sub-sector leaders which are advantageously competing on the right side of technology disruption curves.

A number of identifi ed long-term technology mega-trends will act as a guiding framework. These include ubiquitous connectivity, cloud delivery, software disruption, Big Data and primacy of unique content. While these trends are not themselves investable, they feed a deep set of underlying sub-sector themes which the team continues to mine.

TECHNOLOGY


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INVESTMENT STRATEGY

1 As at 31 March 2016. Excludes Ancestry, the partial divestment of which completed in May 2016.

8Portfolio

companies1



30

Sector focus


RICHARD SANDERSPARTNERCO-HEAD OF TECHNOLOGYLONDON

Capitalising on Permira’s long-standing expertise in the sector and our strong presence in the Silicon Valley, Permira’s global Technology team looks to uncover leading businesses with the ability to innovate in a constantly and rapidly changing environment.

BRIAN RUDERPARTNERCO-HEAD OF TECHNOLOGYHEAD OF MENLO PARK

TECHNOLOGY

NICHE INFRASTRUCTURE

ONLINE SUBSCRIPTION LEADERS

UNIQUE SYSTEMS SOFTWARE ASSETS

BIG DATA

CROSS-SECTOR SOFTWARE

EDUCATION TECHNOLOGY AND SERVICES


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INVESTMENT STRATEGY



COMPANY DESCRIPTION

Fast-growing global satellite operator

Supplier of enterprise software

and solutions

Leading independent provider

of data integration software

A leading online legal services

company in the USA

An enterprise e-commerce

and software platform

A provider of online management

tools for SharePoint migration,

Exchange email archiving and

Offi ce 365 migration

A leading global provider of secure

remote support software

The largest carrier-neutral

datacentre operator in Africa

COMPANY DESCRIPTION

A leading genealogy company

providing online family history data

and personal DNA testing1

Provider of a wide range of

telecommunications products

and internet services in Germany

A global leader in embedded

processing solutions for the

automotive, consumer, industrial

and networking markets

Global mobile satellite

communications services provider

A leading provider of fi xed satellite

services worldwide

End-to-end software solutions for the

pay television industry

Pay-TV operators in Germany

and Austria

Technology-based school

improvement and student

assessment programmes

1 The Fund retains a minority holding in Ancestry.com.

32

INDUSTRIALS

David Brown designs, manufactures, distributes and

services highly engineered-to-order industrial gear and

drive systems, products and related equipment for use

in a wide range of industry sectors including land and

marine defence, mining, oil & gas, conventional power,

general industrial and rail. Worldwide, David Brown

has been a leading specialist in gear engineering and

innovation for more than 150 years.

Refreshingly they took a very different approach to

due diligence on our business... It felt much more

like a partnership approach and they did that work

themselves to get comfortable that this was a credit

opportunity that PCS2 wanted to invest in. And that

gave us a lot of comfort.

STEWART MACINTOSHINVESTMENT DIRECTOR, CLYDE BOWERS (SPONSOR)

7manufacturing facilities

5continents

18service centres

14sales offi ces

WHY WE BACKED DAVID BROWN

It has an outstanding brand

and engineering heritage in

the industrial gears market

It focuses on mission-critical

components where lead times

are crucial and component

failure results in economic

losses

There is a steady revenue

stream as a service and

repair business

It has long-term sole supplier

contracts in place with the

UK Ministry of Defence

It has a diversifi ed revenue

base across countries and

industries


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PRIVATE CREDIT

In this sectionDavid Brown case study 32Permira Debt Managers 34

4PRIVATECREDIT

34

Debt focus

PERMIRA DEBT MANAGERS

Permira Debt Managers is a leading provider of alternative credit solutions and long-term debt capital to successful European businesses. As well as fi nancial support, we share our deep sector insight and leading industry connections to foster growth for our clients across the continent.

Our funds seek to provide credit solutions to successful, medium-sized European businesses. Our funds invest capital on bespoke terms since we believe that no two companies look the same. We have supported companies across diverse industries from publishing, theme parks, cinemas and restaurants, to industrial gears, sofa retailers and aerospace suppliers.

Our structured credit business provides long-term capital to CLO managers in both the primary and secondary capital markets. This strategy relies on the excellent risk/reward characteristics inherent in senior secured debt, typically issued by larger leveraged buyouts. We specialise in the most junior parts of the capital structure especially equity, where our credit-led approach provides the greatest differentiation.


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PRIVATE CREDIT

1 All fi gures are since inception and accurate as at 30 June 2016.

90+Businesses1

€2.9bnCapital deployed1

12European countries1

36

Debt focus


THOMAS KYRIAKOUDISCHIEF INVESTMENT OFFICER

We pride ourselves on fi nding credit solutions in even the most complex and challenging circumstances. We understand what it takes to build a great business, and act as a true partner to families, owners and entrepreneurs undertaking this challenge. The Permira Debt Managers’ funds support growth across Europe and help businesses to realise their goals. In many cases, we are also able to provide advice and guidance borne from years of experience, as well as connections to some of Europe’s most infl uential business leaders. We always seek to leverage the wealth of knowledge that exists within the wider Permira group.

JAMES GREENWOODCHIEF EXECUTIVE OFFICER

PERMIRA DEBT MANAGERS

DIRECT LENDING

STRUCTURED CREDIT


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PRIVATE CREDIT

INVESTING WELLSelected current portfolio

COMPANY DESCRIPTION

A testing provider for environmental,

food, water and oil analysis

A leading video surveillance

integrator in France

One of the largest prestige and

luxury jewellery and watch retailer

in the UK

A leading laundry service provider

in the UK

A UK-based engineering company

principally engaged in the

manufacture of industrial

components including signifi cant

operations in industrial gear boxes

and hydraulic components

A leading global luggage brand,

with a reputation for innovation,

design and quality

A manufacturer of made-to-

measure window blinds, window

shutters, curtains, carpets, vinyl

fl ooring and awnings

COMPANY DESCRIPTION

A UK road haulage and warehousing

business currently comprising

5 regional operators

A leading B2C gaming operator

in Belgium with number 1 online

market position

One of the UK’s leading specialist

retailer of design-led stationery,

greetings cards and gifts

One of Europe’s earliest online

dating businesses and has built

up a strong position in Germany,

Switzerland and Austria

One of Europe’s leading

interdisciplinary engineering and

environmental consultancies

A leading international hospitality

company that operates exclusive,

private members clubs as well

as hotels, restaurants and spas

38

Leading receivables management businesses

in Germany, the UK, Austria and Switzerland.

WHY WE BACKED THEM

To create a top three

European player with

leading market positions

in the UK and Germany

by combining two highly

complementary businesses

with attractive synergies

To benefi t from strong

industry growth dynamics

and opportunities in both

debt purchasing and

third-party collection

To build on both businesses’

attractive growth and

fi nancial profi le which

shows strong double digit

revenue performance which

is expected to continue

outpacing the underlying

market growth through

further market share gains

THE INVESTMENT STRATEGY

To strengthen their positions

as market leaders by

investing in data analytics

and fostering operational

excellence

To consolidate a highly

fragmented market

To enhance the growth

profi le of both companies as

well as their cost effi ciency

through sharing of highly

complementary know-how

To enhance the services

the group can offer to

its corporate clients by

providing sophisticated

and integrated solutions

OUTCOME

The combination of Lowell and GFKL, market leaders in the

UK and Germany respectively, creates one of the largest credit

management businesses in Europe. With the backing of our funds,

the new Group is well positioned to capitalise on the strong growth

opportunities by taking advantage of the complementary skill sets

and their collective breadth and expertise. Together the company

creates a ‘one stop shop’ able to provide extensive recoverables

management services.

FINANCIAL SERVICES

We are very excited by the merger… this is a perfect strategic fi t driven by tremendous growth potential.

KAMYAR NIROUMAND CHAIRMAN OF THE SUPERVISORY BOARD OF GFKL


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ORGANISATION & TEAM

In this sectionGFKL Lowell case study 38Organisation & team 40

5ORGANISATION & TEAM

40

Organisation & team

OFFICE NETWORK

SOURCING IN LOCAL MARKETS

14 OFFICES

3 CONTINENTS

Permira has a deep and experienced organisation built over

three decades. Its roots across the key European markets

are long standing and its teams in the US and Asia are

well established. Permira combines this large platform with

genuine sector specialisation and dedicated functional

structure. This provides the fi rm with a powerful competitive

advantage, particularly where there is complexity or a

multi-geographic dimension to investment opportunities.

The effectiveness of this structure is underpinned by a

distinctive culture and a compensation model that reinforces

collaboration and team work.

SEC TOR TEAMS

INDUSTRY INSIGHTS AND RELATIONSHIPS

CONSUMER

FINANCIAL SERVICES

HEALTHCARE

INDUSTRIALS

TECHNOLOGY

INTERNAL GROUPS

OF EXPERTS

FINANCING GROUP

LEGAL & STRUCTURING GROUP

PORTFOLIO GROUP

HOW WE OPERATE

Permira operates a matrix structure where sector teams,

our local offi ce network and functional specialists collaborate

seamlessly across our global platform.


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ORGANISATION & TEAM

Senior team

1. KURT BJÖRKLUNDCO-MANAGING PARTNER

2. TOM LISTER

CO-MANAGING PARTNER

3. ROBIN BELL-JONESPARTNER

4. ROBERTO BIONDIPARTNER, HEAD OF FINANCING GROUP

5. ALISTAIR BOYLEHEAD OF GUERNSEY

6. RICHARD CAREYPARTNER, CO-HEAD OF INDUSTRIALS

7. FABRIZIO CARRETTIPARTNER, HEAD OF MILAN

8. JOHN COYLEPARTNER, HEAD OF NEW YORK

9. CHRIS DAVISONPARTNER, HEAD OF INVESTOR RELATIONS

10. ALEX EMERYPARTNER, HEAD OF ASIA

11. JAMES FRASERPARTNER, CO-HEAD OF FINANCIAL SERVICES

12. RYO FUJIIHEAD OF JAPAN

13. ULRICH GASSEPARTNER, HEAD OF LEGAL AND STRUCTURING GROUP

14. PETER GIBBSCHIEF OPERATING OFFICER,PERMIRA DEBT MANAGERS

15. JAMES GREENWOODCHIEF EXECUTIVE OFFICER,PERMIRA DEBT MANAGERS

16. THOMAS KYRIAKOUDISCHIEF INVESTMENT OFFICER, PERMIRA DEBT MANAGERS

17. SEAN LEECHIEF STRATEGYOFFICER ASIA, HEAD OF KOREA

18. CARLOS MALLOPARTNER, HEAD OF MADRID

19. SÉVERINE MICHELHEAD OF LUXEMBOURG

20. FRANCESCO DE MOJANAPARTNER

21. PHILIP MUELDERPARTNER, CO-HEAD OF FINANCIAL SERVICES, HEAD OF LONDON

22. OLA NORDQUISTPARTNER, HEAD OF NORDIC

23. SILVIA OTERIPARTNER

24. CHERYL POTTERPARTNER, HEAD OF CONSUMER

25. DIPAN PATELPARTNER

26. JÖRG ROCKENHÄUSERPARTNER, HEAD OF FRANKFURT

27. BRIAN RUDERPARTNER, CO-HEAD OF TECHNOLOGY,HEAD OF MENLO PARK

28. RICHARD SANDERSPARTNER, CO-HEAD OF TECHNOLOGY

29. FEDERICO SARUGGIAPARTNER

30. MUBASHER SHEIKHPARTNER, HEAD OF HEALTHCARE

31. JIM TSAOHEAD OF SHANGHAI

32. BENOIT VAUCHYPARTNER, HEAD OF PARIS

33. TORSTEN VOGTPARTNER, CO-HEAD OF INDUSTRIALS

34. NIC VOLPIPARTNER

35. MARTIN WECKWERTHPARTNER

1 2

12 13 14

18 19 20

21 22 23

24 25 26

27 28 29

30 31 32

33 34 35

9 10 11

6 7 8

3 4 5

15 1716

42

HEALTHCARE

More and more people around the world are eating fi sh

as a source of healthy protein. However, as we all know,

this demand is putting enormous pressure on marine

ecosystems and, as populations continue to rise, it is

increasingly unsustainable. One response has been the

dramatic rise in fi sh farming. We identifi ed this long-term

growth trend and looked for opportunities to partner with

companies that are providing solutions for this segment.

We found PHARMAQ and partnered with management

to create one of the world’s leading aquatic health group

manufacturing vaccines and therapeutic products for the

aquaculture industry.

WE PARTNERED WITH MANAGEMENT TO HELP THE COMPANY

Expand into emerging

markets and provided viable

alternatives to antibiotic

usage in food production

Extend the product offering

in the core salmon market to

provide protection against

devastating diseases that are

currently left unaddressed

Enable the company to

establish dialogue with

leading research institutions

and regulatory bodies in key

future growth markets to

ensure that PHARMAQ is

ready to capitalise on future

growth opportunities

Sell the business to a trade

buyer, enabling it to continue

this progress

The Permira funds’ signifi cant experience in investing in the food chain and their international reach made them an ideal partner to help us pursue our objective to expand our products and market share in exciting and growing markets.

MORTEN KR. NORDSTAD

CEO

2013Acquisition year

3.3xROI

2015Exit year


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INVESTING RESPONSIBLY

In this sectionPharmaq case study 42Investing responsibly 44Netafi m case study 47

6INVESTING RESPONSIBLY

44

THE PERMIRA APPROACH

Investing responsibly

Permira believes that a focus on sustainability is an important part of building lasting value in the funds’ portfolio companies. Environmental, social and governance (“ESG”) and sustainability considerations are embedded throughout the investment process and are expected to be a key part of the governance of the funds’ portfolio companies. Portfolio company executive management is responsible for operating all ESG matters at the company. Through active ownership, the Permira funds will continue to support portfolio companies in achieving their ambitions and improving their performance.

Understanding the key levers that drive business improvement, including ESG considerations, is at the heart of the Permira funds’ transformational investment approach. The funds’ ambition is to support portfolio companies to address material risks and deliver on value-creation opportunities relating to ESG and sustainability.


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1 Employee and Enterprise Value data for the current Permira funds’ portfolio companies in aggregate as at Dec 2015.

>48,000Employees1

>€29bnEnterprise value1

46

ADINAH SHACKLETON HEAD OF ENVIRONMENT, SOCIAL AND GOVERNANCE

ESG and sustainability considerations are embedded throughout the investment process and are expected to be a key part of the governance of the funds’ portfolio companies. ESG is another lens applied when considering the risks and value creation opportunities for a potential investment.

Adinah Shackleton, Head of ESG, works with deal teams throughout the investment lifecycle to help maintain a focus on ESG matters.

Investing responsibly

ESG


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Backing the world’s leader in drip irrigation:

Leading technology and market positions

Sales in 100+ countries, with expansion in China

Addressing global challenges around water scarcity,

food security, agricultural productivity

Partnership with Kibbutz investors

ESG highlights:

Netafi m drip irrigation products support farmers to achieve

c. 50% increase in crop yields and c. 40% decrease in water

consumption

Permira supported a transition to “Fit for Growth” Governance

standards and procedures (for example, updating Business

Conduct policies and reporting and implementing new

roles including Legal Counsel, Audit Committee and strong

independent board members)

A new “2020 Sustainability Strategy” has been implemented to

help customers achieve sustainable productivity while reducing

their environmental impact

By the end of 2015, more than US$25m in loans have been

extended to around 13,000 farmers covering over 15,000

hectares of land in India through Netafi m’s New Agricultural

Financing Agency, which endeavours to reach out to smallholder

farmers with easy and effi cient fi nancial solutions either directly

or through stakeholders in the value chain

In 2015 Netafi m, a UN Global Compact LEAD member,

committed to support the UN Sustainable Development Goals

with drip irrigation playing a key role in improved food security,

enhanced livelihoods, empowerment of women and conservation

of water

In 2013, Netafi m was winner of the Stockholm Industry Water

Award (SIWA), one of the world’s most important water industry

awards which recognises improved performance in production

processes, products and management, and innovative

approaches in water and wastewater technologies

INDUSTRIALS

c. 50%Increase in crop yields

c. 40%Decrease in water

consumption

48

Our offi ces

EUROPE

FRANKFURT

Permira Beteiligungsberatung GmbH,

Bockenheimer Landstrasse 33 60325

Frankfurt am Main

T: +49 69 97 14 66 0 F: +49 69 97 14 66 99

GUERNSEY

Permira (Guernsey) Limited, PO Box 503, Trafalgar Court,

Les Banques, St Peter Port, Guernsey, GY1 6DJ

T: +44 1481 743 200 F: +44 1481 743 201

LONDON

Permira Advisers LLP, 80 Pall Mall,

London, SW1Y 5ES, United Kingdom

T: +44 20 7632 1000 F: +44 20 7930 3185

LUXEMBOURG

Permira Luxembourg S.à.r.l,

488, route de Longwy, L-1940 Luxembourg

T: +352 26 86 811 F: +352 26 86 8181

MADRID

Permira Asesores S.L., Plaza Marqués de Salamanca 10,

Primero Izquierda.,28006, Madrid, Spain

T: +34 91 418 24 99 F: +34 91 426 11 93

MILAN

Permira Associati S.p.A, Palazzo Spinola,

Via San Paolo 10, 20121 Milan, Italy

T: +39 02 76 00 47 40 F: +39 02 76 00 47 06

PARIS

Permira Advisers SAS, 6 rue Halévy (2nd fl oor),

75009 Paris, France

T: +33 1 42 86 63 78

STOCKHOLM

Permira Advisers KB, Birger Jarlsgatan 12,

114 34 Stockholm, Sweden

T: +46 8 503 122 00 F: +46 8 503 122 99

USA

MENLO PARK

Permira Advisers LLC, 3000 Sand Hill Road,

Building 1 Suite 260, Menlo Park, CA 94025, United States

T: +1 650 681 4701 F: +1 650 853 0180

NEW YORK

Permira Advisers LLC, 320 Park Avenue, 28th Floor,

New York, NY 10022, United States

T: +1 212 386 7480 F: +1 212 386 7481

ASIA

HONG KONG

Permira Advisers Limited, Room 2804,

28/F One Exchange Square, 8 Connaught Place,

Central, Hong Kong

T: +852 3972 0800 F: +852 2111 1148

SEOUL

Permira Advisers Limited, Sewha Building 2Fl,

Dosandaero 67gil 29, Kangnamku, Seoul 135-954, Korea

T: +82 2 3448 4640 F: +82 2 3448 4641

SHANGHAI

Permira Advisers (China) Limited, Suite 3804, K. Wah Centre,

1010 Huai Hai Zhong Road, Shanghai, 200031, China

T: +8621 8032 1333 F: +8621 8032 1338

TOKYO

Permira Advisers KK, Akasaka Intercity Building 3F,

1-11-44 Akasaka, Minato-ku, Tokyo 107-0052, Japan

T: +81 (0)3 6230 2051 F: +81 (0)3 6230 2052


INTRODUCTION

PLEASE NOTE THE FOLLOWING:

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 following buy-out funds advised by

Permira: Permira V (P5), Permira IV (P4),

Permira Europe III (PE3), Permira Europe

II (PE2).

The valuation of remaining investments

of the Permira funds has been calculated in

accordance with the International Private

Equity and Venture Capital Guidelines.

“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.

Portfolio company fi nancial information

has been converted based on the following

exchange rates (31 December 2015): €1 =

US$1.09, €1 = £0.74, €1 = ZAR16.79, €1 =

¥130.553, (31 March 2016) €1 = US$1.14,

€1 = £0.79, €1 = ZAR16.74, €1 = ¥127.97.

This document is made available for

information only by the manager of Permira

IV and the respective General Partners of

Permira Europe II, Permira Europe III and

Permira V (together, the “Fund Managers”).

This document should not be considered

as a recommendation by Permira in respect

of any investment fund managed or

advised by Permira and does not contain

all the information necessary to evaluate

any such fund. Information contained

in this document is believed by the Fund

Managers to be accurate as at the date of

this document however the Fund Managers

accept no responsibility for such information

and no reliance should be placed upon it.

Investors and prospective investors should

not treat this information as advice in

relation to legal, taxation or investment

matters. The Fund Managers do not assume

any obligation to, and do not intend to,

update any of the information contained

herein. No representations or warranties

whatsoever (whether expressed or implied),

including representations or warranties

relating to the completeness or accuracy of

the information contained herein, are given.

No person has been authorised to give any

information or make any representation not

contained herein and, if given or made, such

information or representation may not be

relied upon.

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 refl ective

of the performance of individual funds or

portfolio companies of those funds and no

investor will benefi t 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 the Fund Managers on the

basis of information available to them 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. The information contained

herein does not constitute investment

advice for the purposes of the EU Markets

in Financial Instruments Directive (2004/39/

EC) as implemented or advice for the

purpose of Article 53 of the UK Financial

Services and Markets 2000 (Regulated

Activities) Order 2001 (as amended) and

no person should construe or rely on the

information as such.

Designed and Produced by Friend

www.friendstudio.com

W W W.PERMIR A .COM

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