| Year formed |
Original life (years) |
SVG Capital’s holding in the fund % |
Value of SVG Capital’s holding £’000 |
SVG Capital’s shareholders’ funds % |
|
|---|---|---|---|---|---|
| EUROPE | |||||
| Permira Europe I The first US$1 billion fund raised for private equity investment in Europe focusing on large and medium-sized leveraged buy-out opportunities. |
1997* | 10 | 13.5 | 5,290 | 0.4 |
| Permira Europe II Formed as the successor to Permira Europe I, the fund focuses on European buy-outs and buy-ins, in addition to growth capital investments. |
2000 | 10 | 19.7 | 101,734 | 7.8 |
| Permira Europe III Formed as the successor to Permira Europe II, the fund focuses on buy-outs/ins and growth capital investments in European businesses or of global businesses with a strong European presence. |
2003 | 10 | 8.6 | 233,871 | 18.0 |
| Permira IV Formed as a successor fund to Permira Europe III, the fund focuses on buy-outs/ins and growth capital investments in businesses which have or intend to have significant activities in Europe. The fund may invest up to 30% of its committed capital in businesses which do not have or intend to have significant activities in Europe. |
2006 | 10 | 22.7 | 522,952 | 40.3 |
| P123 A fund of Permira pan-European buy-out funds, with interests in Permira Europe I, II and III. |
2003 | 15 | 38.9 | 55,163 | 4.2 |
| P1234 | |||||
| A fund of Permira buy-out funds, with interests in P123 and Permira IV. | 2006 | 15 | 42.8 | 48,256 | 3.7 |
| P25 | |||||
| A fund of Permira buy-out funds, with interests in Permira Europe III and Permira IV. | 2006 | 15 | 47.7 | 43,508 | 3.4 |
| SVG Sapphire IV | |||||
| A feeder fund that invests solely in Permira IV. | 2006 | 15 | 34.2 | 1,826 | 0.1 |
| Permira Italy II Established to make equity and near-equity investments in buy-outs and buy-ins, including development capital businesses, principally in Italy. |
1993 | 10* | 21.0 | 1,300 | 0.1 |
| Permira UK III Established as Permira’s third buy-out fund in the United Kingdom to invest in equity and near-equity investments in buy-outs, buy-ins, development capital businesses and turnarounds. |
1993 | 10* | 0.3 | 62 | 0.0 |
| Permira UK Venture III Established to invest in a diversified portfolio of venture or development capital businesses and buy-outs principally in the United Kingdom. |
1990 | 10* | 8.7 | 123 | 0.0 |
| Permira UK Venture IV | |||||
| Established to follow the policies of the fully invested Permira UK Venture III. | 1995 | 10* | 4.2 | 128 | 0.0 |
| Total Europe | 1,014,213 | 78.0 | |||
| Year formed |
Original life (years) |
SVG Capital’s holding in the fund % |
Value of SVG Capital’s holding £’000 |
SVG Capital’s shareholders’ funds % |
|
|---|---|---|---|---|---|
| ASIA | |||||
| Asia Pacific Trust | |||||
| Formed to invest in equity and near-equity investments in the high growth economies of the Asia Pacific region. This trust has been in liquidation since 1998. | 1990 | 8* | 6.4 | 792 | 0.1 |
| Asia Pacific Fund II | |||||
| Established to make equity or near-equity investments in buy-outs, buy-ins, development capital businesses and turnarounds, principally in the Asia Pacific region with an emphasis on Australia, China, Hong Kong, India, Indonesia, Malaysia, Singapore and Thailand. | 1994 | 10* | 14.0 | 6,965 | 0.5 |
| Schroder Ventures Asia Pacific Fund | |||||
| Established to make equity or near-equity investments in companies that have significant exposure to the Asia Pacific region. The fund focuses principally on management buy-outs and buy-ins, financial acquisitions and larger development capital opportunities. | 1999 | 10 | 29.9 | 61,911 | 4.8 |
| Co-investments with Asia Pacific Fund II and Schroder Ventures Asia Pacific Fund |
6,288 | 0.5 | |||
| The Japan Fund IV | |||||
| Established to invest in buy-out transactions in Japan | |||||
| across a range of industries and sectors. | 2004 | 10 | 27.2 | 15,609 | 1.2 |
| Total Asia | 91,565 | 7.1 | |||
| * The lives of these funds have been extended. | |||||
| Year formed |
Original life (years) |
SVG Capital’s holding in the fund % |
Value of SVG Capital’s holding £’000 |
SVG Capital’s shareholders’ funds % |
|
|---|---|---|---|---|---|
| NORTH AMERICA | |||||
| Schroder Canadian Buy-Out Fund III Established to invest principally in buy-outs, buy-ins, leveraged build-ups and development capital opportunities in Canada. |
2000 | 10 | 26.6 | 518 | 0.0 |
| Co-investments with Schroder Canadian Buy-Out Funds II & III and SV Investments Fund I |
2,616 | 0.2 | |||
| SV Life Sciences Fund II Formerly known as Schroder Ventures International Life Sciences Fund II. SV Life Sciences Fund II invests in a diversified portfolio of life sciences companies principally in the United States and Europe. The majority of these investments will be in early-stage opportunities. |
1999 | 10 | 16.7 | 7,047 | 0.6 |
| SV Life Sciences Fund III Formerly known as International Life Sciences Fund III. The successor to SV Life Sciences Fund II, established to invest in a diversified portfolio of life sciences companies principally in the United States and Europe. The majority of these investments will be in early-stage opportunities. |
2002 | 10 | 19.1 | 22,938 | 1.8 |
| SV Life Sciences Fund IV Formed as a successor fund to SV Life Sciences Fund III, to invest in a diversified portfolio of life sciences companies principally in the United States and Europe. The majority of these investments will be in early-stage opportunities. |
2006 | 10 | 9.0 | 4,615 | 0.4 |
| SV Investments Fund I Established to invest in larger development capital and mid-size buy-outs in the United States, with a particular focus on media, telecommunications and technology sectors. |
1999 | 10 | 25.9 | 17,463 | 1.3 |
| Total North America | 55,197 | 4.3 | |||
| Total private equity funds portfolio | 1,160,975 | 89.4 | |||
| Value of SVG Capital’s holding £’000 |
SVG Capital’s shareholders’ funds % |
|
|---|---|---|
| Structured private equity funds of funds: | ||
| SVG Diamond I | 16,975 | 1.3 |
| SVG Diamond I (F Notes) | 3,452 | 0.3 |
| SVG Diamond II | 2,359 | 0.2 |
| SVG Diamond II (F Notes) | 1,138 | 0.1 |
| SVG Diamond III | 7,003 | 0.5 |
| Vintage I | 35,218 | 2.7 |
| Total structured private equity funds of funds | 66,145 | 5.1 |
| Public equity funds: | ||
| Strategic Equity Capital | 10,350 | 0.8 |
| SVG UK Focus Fund | 7,550 | 0.6 |
| SVG UK Alpha | 4,999 | 0.4 |
| Strategic Recovery Fund II – co-investment | 9,433 | 0.7 |
| SVG European Fund | 7,213 | 0.5 |
| Total public equity funds | 39,545 | 3.0 |
| Collateralised Loan Obligation funds: | ||
| Key Capital SVG CLO Equity Fund | 25,574 | 1.9 |
| Key Capital SVG CLO Equity Fund II | 5,141 | 0.4 |
| PDM CLO I | 7,586 | 0.6 |
| Total Collateralised Loan Obligation funds | 38,301 | 2.9 |
| SVG India | 9,817 | 0.8 |
| Other | 6,532 | 0.5 |
| Total other investments | 16,349 | 1.3 |
| Total investment portfolio | 1,321,315 | 101.7 |
| Other assets less total liabilities | (21,610) | (1.7) |
| Total Shareholders’ funds | 1,299,705 | 100.0 |
| Comparative values for the 10 largest funds are shown in note 32. *The lives of these funds have been extended. | ||