Coller, Ardian and Glendower emerge as backers of Permira’s multi-asset deal

Permira is moving five assets into a continuation fund including US customer experience solutions provider Genesys, which was previously part of a continuation fund transaction in 2020.

Coller Capital, Ardian and Glendower Capital have emerged as lead buyers on Permira’s multi-asset continuation fund, Secondaries Investor has learned.

The continuation fund deal involves five assets: US customer experience solutions provider Genesys, Brazil-based tech-enabled customer experience platform Mutant, European online travel booking company eDreams ODIGEO, UK-based wealth manager Evelyn Partners and South African data centre services provider Teraco Data Environments, according to a filing with the Austrian Federal Competition Authority.

The transaction, which is between $800 million and $900 million in size, was driven by the largest assets Genesys and Evelyn, according to two sources familiar with the matter. The transaction involves assets housed in Permira’s €9.6 billion pre-crisis fund, Permira IV, and its €5 billion Permira V, which closed in 2014.

Genesys sits within the Permira IV portfolio and Evelyn in the Permira V portfolio, two sources said. Only part of Permira’s holding in Evelyn is being moved into the continuation fund, one of the sources said.

Coller previously led a multi-asset continuation fund for four software and technology companies including Genesys – the largest asset in that fund – in 2020, Secondaries Investor reported at the time. The Genesys stake involved in the latest transaction relates to a remaining interest that was held in Fund IV and does not involve the other continuation fund, sources said.

The continuation fund will provide capital over a five-year period to support the companies’ value creation, according to a statement from Coller. The buyer accounted for half of the fundraise. Investors were given the ability to roll or sell.

Lazard is understood to be the adviser on the transaction. It also steered Permira through its 2020 continuation fund transaction.

Martin Fleischer, a principal at Coller Capital, said in its statement that the transaction was “exactly the type of investment we specialise in, focusing on high-quality underlying companies managed by an outstanding GP”. Glendower’s Rikesh Mohandoss told Secondaries Investor the transaction leveraged “our wider platform’s capabilities to lead a transaction in the software/financial services sectors”.

Permira, Ardian, Coller Capital, Glendower and Lazard declined to comment on the specifics of the transaction.

Part of Genesys was held by a co-investment vehicle that was subsequently rolled into the 2020 continuation fund, Secondaries Investor reported at the time. Hellman & Friedman accounted for a majority of that vehicle. The San Francisco-headquartered firm already held a minority interest in Genesys, which it acquired in 2016 for around $900 million, and used the co-investment vehicle to increase its stake while gaining exposure to the other companies in Permira IV.

Mutant was previously part of Genesys before becoming a standalone company in 2016, per a statement from Permira. Permira acquired eDreams ODIGEO in 2010, which was then listed on the Spanish stock exchange in 2014.

Permira acquired UK wealth manager Tilney in 2014 and combined it with Bestinvest, which the firm acquired in 2013. In 2019, it was disclosed that Tilney would merge with competitor Smith & Williamson. Warburg Pincus agreed to back the combined business in 2020. In 2022, the company rebranded to Evelyn Partners.

Permira bought Teraco Data Environments in 2015. The firm and fellow investor Berkshire Partners agreed to sell a majority of their respective stakes to trade buyer Digital Realty in 2022.