It was a busy year in the private equity world, with several major acquisitions taking place. The take-private sector, in particular, saw some significant deals, as private equity firms led more than a dozen billion-dollar acquisitions of public tech companies.
London-based Permira played a key role in these deals. The company, along with Blackstone, acquired the European online classifieds group Adevinta for $13 billion. In October, Permira also took the popular website building platform Squarespace private in a deal valued at $7.2 billion.
Permira is not only interested in billion-dollar acquisitions. Apart from closing a €16.7 billion buyout fund last year, the company has separate funds that invest in high-growth companies at earlier stages. One of its first investments was in Sweden’s Klarna back in 2017, a fintech company that is now preparing to go public after eight years.
As we near the end of 2024, TechCrunch caught up with Brian Ruder, Permira’s new co-managing partner and co-CEO, to discuss recent deals and the company’s approach to the tech sector, AI, and having two leaders at the top.
While many organizations are embracing new leadership models like co-leadership, Permira has long favored this approach. The company previously had two co-managing partners, and now, with Ruder and Dipan Patel sharing leadership roles, things have returned to normalcy.
Permira has invested around $28 billion in 80 technology companies over the years, focusing on various sectors like SaaS, cybersecurity, fintech, and online marketplaces. Ruder emphasizes that tech plays a significant role in the company’s investments, with a core digital backbone running through all strategies.
AI is also a major focus for Permira. The company is learning from how AI is being used across its portfolio, with a keen interest in AI applications. For example, Zendesk, a company Permira acquired, has embraced generative AI and made significant advancements in this area.
The company’s approach is not just limited to tech companies. Permira looks for quality assets with healthy foundations, aiming to maximize returns through great unit economics. Most of their investments involve the founder in some capacity, showing a commitment to supporting successful businesses and their creators.
