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Private equity group Permira cuts fundraising target - FT

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(Globalpost/GlobalPost)

March 5 (Reuters) - Private equity group Permira has cut its fundraising targets by nearly a quarter, amid a tough environment for private equity in the aftermath of the financial crisis, the Financial Times reported on Tuesday.

The company has informed investors it now plans to raise between 4 billion to 5 billion euros, down from the 6.5 billion euros ($8.47 billion) it was initially aiming to raise, the FT said on its website.

Permira also told investors it planned to end its marketing effort for the new fund by April 2014 suggesting it can start investing the money secured in April this year, the financial daily said.

The company had originally aimed for a so called first-close at the end of January this year and then at the end of March, the paper said.

Permira could not be immediately reached for comment outside regular business hours but declined comment to the FT.

http://www.globalpost.com/dispatch/news/thomson-reuters/130305/private-equity-group-permira-cuts-fundraising-target-ft