By Mark Kleinman, City Editor
The majority-owner of the fashion labels Hugo Boss and Dr Martens is facing an exodus of top-level partners just months after it raised billions of pounds for new investments.
Sky News has learnt that Permira, one of the world's most prominent private equity groups, is to part company with Charles Sherwood and Veronica Eng, two of the firm's longest-serving and most successful partners.
Their departures were notified to investors in Permira's funds last week alongside that of Damon Buffini, who became the poster-child of the buyout industry during its most rapid growth spurt a decade ago.
Although little-known outside the City, Mr Sherwood and Ms Eng have been among the most important figures in the evolution of the UK private equity sector, deploying billions of pounds of investors' capital on household name companies such as Birds Eye, Valentino and New Look.
One of Mr Sherwood's most lucrative deals was the takeover in 2000 of Homebase, the DIY chain, which it acquired from J Sainsbury and sold two years later to GUS.
In an update sent to limited partners (LPs) last week and seen by Sky News, Permira confirmed the partnership changes, saying: "As discussed at the Annual Meeting last year and at our June and December Advisory Committee meetings, we have been reflecting in recent months on the composition of the Investment Committee for each fund.
"The process was completed at the end of the year and some changes have now been effected by the General Partners of the funds..
"Charles Sherwood has now stepped off the committee and Damon Buffini will be stepping down at the end of April.
"Veronica Eng has now stepped down as chairman and will be stepping down from the committee at the end of June.
"All three will also be retiring from the Partnership over the course of the year."
In a press release issued last week, Mr Buffini's exit was announced, but neither Mr Sherwood nor Ms Eng was mentioned.
The shake-up at the top of Permira has surprised some investors, who queried the timing of the departures following a £4bn fundraising which closed last year.
During the last decade, private equity has become one of the most important pools of capital, driving a significant chunk of mergers and acquisitions activity globally.
Mr Buffini said last week that he was departing with Permira established as "a global leader".
"With a strong management team, a €5.3bn global fund to invest and the continued good performance of our portfolio companies, Permira is in great shape today and the time is right for me to do something new," he said.
The firm's update to LPs forecast a "competitive environment" for investing money this year, and said "weak growth prospects" in the European economy and "financial market uncertainties" were likely to be accompanied by a volatile investment environment.
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