Permira Debt Managers closed direct lending fund Permira Credit Solutions III at €1.7 billion ($1.9 billion), exceeding its €1 billion target, a spokesman said.
The fund is focused on primary, senior secured investments in midmarket European companies.
The fund received backing from pension plans, insurance companies and family offices across Europe, North America, Asia, Australia and the Middle East. The £3 billion ($3.8 billion) Environment Agency Pension Fund, Bristol, England, committed £60 million to the fund in in December 2016.
"This is a great outcome, which reflects the success of our previous funds and our market-leading position in European midmarket direct lending today," said James Greenwood, CEO of Permira Debt Managers, in a news release. "We continue to see a strong opportunity in Europe, where traditional sources of debt capital have tightened, and we have made significant investments in our team to ensure we find attractive businesses to back. We are delighted with the support we have received from existing and new investors alike which evidences their continued confidence in our strategy."
Permira's previous direct lending fund, Permira Credit Solutions II, closed at €800 million in 2015.