Permira closed its latest global large buyout fund, Permira VII, with €11 billion ($12 billion) in capital commitments, reaching its hard cap.
Permira VII will target market-leading businesses with strong potential for growth, spokeswoman Julie Casale said. The fund will continue to deploy across the technology, consumer, financial services, health-care, industrial tech and services sectors.
The previous fund in the series, Permira VI, closed on €7.5 billion in December 2016.
Investors include the $381.5 billion California Public Employees' Retirement System, Sacramento; $242.1 billion California State Teachers' Retirement System, West Sacramento; $156.4 billion Texas Teacher Retirement System, Austin; Minnesota State Board of Investment, St. Paul, which oversees $101.1 billion in state pension and other assets; Oregon Investment Council, which runs the $75 billion Oregon Public Employees Retirement Fund, Tigard; Michigan Department of Treasury, Bureau of Investments, on behalf of the $74.5 billion Michigan Retirement Systems, East Lansing; and $27 billion Pennsylvania State Employees' Retirement System, Harrisburg.