European private equity fund Permira is moving its first global technology, media and telecoms (TMT) partner to Asia as it eyes higher investments in the region.
Robin Bell-Jones, one of four global TMT partners at Permira , is relocating to Hong Kong from London.
The relocation comes nearly six months after Permira, which has invested about $2 billion in Asia over the past five years, signed an agreement with a unit of state-owned China Development Bank to help the two parties to pursue private equity investments in China and overseas.
In a crowded home market with limited growth, European private equity firms increasingly see an ability to expand their portfolio companies in Asia and view this as a competitive advantage as they compete for deals at home.
"We're seeing that in more and more situations," said Bell-Jones.
Bell-Jones, who has worked at Permira for 10 years, sees an expanded Asian presence as the next logical step for the firm.
He points to the firm's recent investment in U.S. education software maker Renaissance Learning, as an example of a company that could benefit from expansion in Southeast Asia.
Just under 25 percent of Permira's global revenue comes from Asia investments, which include Macau gaming and hotel business Galaxy Entertainment, Tokyo-based agrochemicals business Arysta LifeScience and Hong Kong-headquartered satellite business Asia Broadcast Satellite.
Founded in 1985, Permira advises funds with total committed capital of 20 billion euros ($25 billion).
This article is copyrighted by Reuters
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