[HONG KONG] Permira Holdings is overhauling its Asia strategy, closing offices in Hong Kong and Shanghai and shuffling senior leadership to India, where it sees stronger momentum and a more robust pipeline for deals, sources familiar with the matter said.
The investment firm will wind down the offices over the next 18 months, the sources said. The moves will affect fewer than 10 professional staff, most of whom are likely to relocate to other offices, one of the sources said. Siddarth Narayan, managing director and head of India, will become head for Asia later this year, the sources said.
The London-headquartered company is betting on India’s economic ascent, leveraging one of the world’s few fast-growing, English-speaking markets where rapid digitisation is fuelling a new wave of opportunities. In 2023, the firm invested in Acuity Knowledge Partners, a global outsourcing business with about 6,000 employees in India.
“When we look at the Apac region today, India stands out as the market where our platform has an edge,” co-chief executive officer Dipan Patel said. “We are focused on backing companies that are riding secular growth trends that are consistent with our trans-Atlantic investment strategy – and India has an abundance of them.”
A Permira spokesperson declined to comment on the closures.
The imminent shut down follows Ontario Teachers’ Pension Plan, the Canadian fund that’s planning to close its Hong Kong office as it pares exposure to China. The world’s second-biggest economy is locked in an escalating trade war with the US, bracing for a slowdown as crushing American tariffs are set to hammer its economy.
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Still the outlook remains in flux, with US President Donald Trump and Treasury Secretary Scott Bessent expressing optimism this week that a deal can be struck with China. Hong Kong continues to attract talent even as some firms pull out, with the number of licensed finance jobs in the city rising to a record last year.
Permira is building out its six-person capital formation business in Asia-Pacific, focusing on fund-raising and investor relationships. The firm is hiring a new head for the division in Japan and will name Stephanie Chung, current head of capital formation for Asia, as head of the Singapore office later this year, the source said, declining to be identified discussing private matters.
As part of the reshuffle, current Asia head Daniel Tan will move from Singapore to New York as a partner to further bolster the firm’s US franchise alongside co-head of services Daniel Brenhouse, the sources said.
The firm will continue its coverage of Australia and New Zealand through its India, Singapore and global sector teams. It has more than 500 people in 16 offices spanning Europe, the US and Asia, investing across private equity and credit with 80 billion euros (S$120 billion) of capital. BLOOMBERG
