As announced in the Interim Management Statement of 10 November 2008, Permira has had discussions with many of its investors around the world about the current market environment and the impact the developments in public and private markets have had on investors and their allocations to private equity. As a result, Permira has been examining ways in which it can assist its investors.

Following these discussions, Permira has approached its investors with a proposal whereby, subject to the requisite investor approval, an investor may elect to cap its commitment to Permira IV at 60% of an investor’s original commitment (against a current called amount of 52%). Those investors who do not elect to cap their commitment to Permira IV will continue to participate in all new Permira IV investments. An investor may elect to cap all or part of its commitment. The proposal would require electing investors to accept a 25% reduction in their entitlement to distributions from the fund, which would accrue to continuing investors, and to continue to pay management fees based on original commitments during the investment period of Permira IV.

The Board of SVG Capital is reviewing the detailed terms of this proposal and will make a further announcement in due course.