• 1

    Platform Specialty Products

    Agrochemicals
    Equity cost
    £41m*
    Value
    £85m**
    % of total assets
    7%
    Date of acquisition
    Feb 08

    Fund: Permira IV
    Fund currency: €

    Arysta Life Science was sold to New York Stock Exchange listed Platform Specialty Products in February 2015. Platform Specialty Products is a global diversified producer of high technology specialty chemical products and provider of technical services. The value of the remaining holding in Arysta LifeScience is held in convertible preferred stock in Platform Specialty Products.

    *   Cost derived using foreign exchange rates at date of call
    ** Following the Company's decision to cap its commitment to Permira IV in December 2008, the valuation of all of the Permira IV investments made prior to 2009 include a 25% provision against future distributions

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  • 2

    PQ Corporation

    Chemical producer
    Equity cost
    £15m*
    Debt cost
    £20m*
    Value
    £49m
    % of total assets
    4%
    Date of acquisition
    Dec 14

    Fund: CCMP III + co-investment
    Fund currency: $

    PQ is a leading global producer of specialty inorganic performance chemicals, catalysts, engineered glass beads and sulphuric acid for the consumer, oil and gas, transportation safety, specialty plastics and industrial markets. The valuation basis is for the equity is earnings, the valuation basis for the debt is discounted cash flows (DCF).

    *Cost derived using foreign exchange rates at date of call

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  • 3

    TeamViewer

    Secure remote support software
    Equity cost
    £18m*
    Value
    £35m
    % of total assets
    3%
    Date of acquisition
    Jul 14

    Fund: Permira V + co-investment
    Fund currency: €

    TeamViewer is a leading global provider of secure remote support software with a focus on small and medium-sized businesses. The company is the industry leader in remote support and administration solutions for medium-sized businesses. TeamViewer has been installed on more than 1 billion devices and serves more than 340,000 commercial customers. The product is used in 220 countries and is available in 34 languages. The valuation basis is earnings.

    *Cost derived using foreign exchange rates at date of call

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  • 4

    The Hillman Group

    Hardware distributor
    Equity cost
    £23m*
    Value
    £30m
    % of total assets
    3%
    Date of acquisition
    Jun 14

    Fund: CCMP III + co-investment
    Fund currency: $

    The Hillman Group is a leader in the hardware and home improvement industry distributing over 100,000 Stock Keeping Units (SKU) in categories including fasteners, key duplication systems, letters, numbers and signs, engraved tags and builder’s hardware. The company provides inventory management and in-store merchandising services to its retail customers for managing these SKU-intensive, complex home improvement categories. The valuation basis is earnings.

    *Cost derived using foreign exchange rates at date of call

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  • 5

    Visma

    ERP Software
    Equity cost
    £18m*
    Value
    £25m
    % of total assets
    2%
    Date of acquisition
    Aug 14

    Fund (€): Cinven V + co-investment
     

    Visma is a leading provider of business management software and business process outsourcing (BPO) services in the Nordic region. The group comprises three divisions – Software SMB (small and medium-sized businesses), BPO and Software GLA (Government & Large Accounts). Visma delivers enterprise resource planning (ERP) software and services including accounting, tax and payroll applications and services to over 400,000 SME customers, retailers and local authorities across the Nordic region. The valuation basis is earnings.

    *Cost derived using foreign exchange rates at date of call

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  • 6

    TruGreen

    Lawn care
    Equity cost
    £7m*
    Debt cost
    £14m*
    Value
    £23m
    % of total assets
    2%
    Date of acquisition
    Apr 16

    Fund: CD&R IX + co-investment
    Fund currency: $

    TruGreen was founded in 1973 and is the leading lawn, tree and shrub care company in the US, providing services to over 2.3 million residential and commercial customers. Following its merger with Scotts LawnService, TruGreen is the clear market leader in the US, operating across 48 states and 3 Canadian provinces, from over 350 company operated locations. The valuation basis is for the equity is cost, the valuation basis for the debt is discounted cash flows (DCF).

    *Cost derived using foreign exchange rates at date of call

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  • 7

    Eyemart Express

    Optical retailer
    Equity cost
    £15m*
    Value
    £17m*
    % of total assets
    1%
    Date of acquisition
    Dec 14

    Fund: FFL IV + co-investment
    Fund currency: $

    Eyemart Express is the second largest independent value focused optical retailer in the US and ninth largest overall operating from 36 states. The company, founded in 1990 by Dr. Doug Barnes, provides a broad selection of high-quality private label and branded frames with convenient one-hour service in all locations at an attractive price point. The valuation basis is earnings.

    *Cost derived using foreign exchange rates at date of call

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  • 8

    Jetro Cash & Carry

    Cash and Carry wholesaler
    Equity cost
    £8m*
    Value
    £16m
    % of total assets
    1%
    Date of acquisition
    Jul 14

    Fund: CCMP III
    Fund currency: $
     
    Established in 1976, Jetro is the largest cash and carry wholesaler of perishable and non-perishable food products, household goods, equipment, supplies and related goods for grocery retailers and restaurants in the US.  Jetro operates two different store formats: (i) Restaurant Depot warehouses and (ii) Jetro Cash & Carry warehouses. The valuation basis is earnings.

    *Cost derived using foreign exchange rates at date of call

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  • 9

    Genesys

    Enterprise software and solutions
    Equity cost
    £4m*
    Value
    £14m
    % of total assets
    1%
    Date of acquisition
    Jan 12

    Fund: Permira IV
    Fund currency: €
     
    Genesys is a leading supplier of enterprise software and solutions that enable best-in-class customer service for companies and organisations. Its software provides products for call routing and handling which integrate with all major contact centre hardware vendors. The valuation basis is third-party.

    *Cost derived using foreign exchange rates at date of call

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  • 10

    Informatica

    Enterprise software and solutions
    Equity cost
    £10m*
    Value
    £12m
    % of total assets
    1%
    Date of acquisition
    Aug 15

    Fund: Permira V
    Fund currency: €

    Informatica is the world’s leading independent provider of enterprise data integration software and services. Informatica is well known for its deep industry knowledge, extensive systems integration and services expertise and specialised solutions. Over 5,800 enterprises depend on Informatica to fully leverage their information assets residing on-premise, in the Cloud and on the public internet including across social networks. The valuation basis is cost.

    *Cost derived using foreign exchange rates at date of call

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  • 11

    Tilney Bestinvest

    Financial services
    Equity cost
    £10m*
    Value
    £12m*
    % of total assets
    1%
    Date of acquisition
    Mar 14

    Fund: Permira V
    Fund currency: €

    Tilney Bestinvest is a leading UK investment and financial planning group, looking after more than £11bn of assets on behalf of its clients. The group operates under the Tilney brand for investment management and financial planning, and Bestinvest for investment advisory services and online execution-only investing. The valuation basis is earnings.

    *   Cost derived using foreign exchange rates at date of call
     

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  • 12

    Synlab

    Clinical laboratory services
    Equity cost
    £9m*
    Value
    £11m
    % of total assets
    1%
    Date of acquisition
    Aug 15

    Fund: Cinven V 
    Fund currency: €

    Synlab Group is the market leader in laboratory services in Europe offering reliable and local laboratory services in 35 countries. The group operates a network of routine and specialist diagnostic, genetic and pathology labs across Europe and provides diagnostic services to doctors and patients in ambulatory and hospital settings. In addition to its core human diagnostic activities, the group also provides veterinary and environmental analytical services. The valuation basis is cost. 

    *Cost derived using foreign exchange rates at date of call

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  • 13

    Brand Energy & Infrastructure

    Support Services
    Equity cost
    £7m*
    Value
    £11m
    % of total assets
    1%
    Date of acquisition
    Nov 13

    Fund: CD&R IX
    Fund currency: $

    Brand Energy & Infrastructure Services was formed by the merger of Brand Energy and Harsco Infrastructure. The business is a premier provider of integrated specialty services to the global energy, industrial and infrastructure markets. Its extensive portfolio of specialised industrial service offerings include scaffolding, coatings, insulation, refractory, formwork and shoring, specialty mechanical services, cathodic protection and other related crafts. The valuation basis is earnings.

    *Cost derived using foreign exchange rates at date of call

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  • 14

    Intelligrated

    Automation solutions
    Equity cost
    £2m*
    Value
    £11m
    % of total assets
    1%
    Date of acquisition
    Jul 12

    Fund: Permira IV
    Fund currency: €

    Intelligrated is a leading North American-based provider of advanced automation and fulfilment solutions. Intelligrated designs, manufactures, integrates and installs complete material handling automation solutions including conveyor, IntelliSort sortation, Alvey palletizers and robotics, and automated storage and retrieval systems – all managed by advanced machine controls and software. The valuation basis is third-party.

    *Cost derived using foreign exchange rates at date of call

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  • 15

    HEG

    Hosting and domain services
    Remaining cost
    £4m*
    Value
    £9m
    % of total assets
    1%
    Date of acquisition
    Aug 13

    Fund: Cinven V
    Fund currency: €

    HEG is a leading European provider of hosting and domain services to consumers and small and medium enterprises (SMEs). It offers a complete product suite including domain services, application hosting, cloud hosting and managed hosting. It also has an emerging software-as-a-service offering. The valuation basis is earnings.

    *Cost derived using foreign exchange rates at date of call

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The valuations of these companies have been presented in accordance with IFRS and do not contain any provision for carried interest. A provision for carried interest is taken when calculating the net investment portfolio.

Unless otherwise stated, valuations are based on 30 June 2016 valuations, rolled forward for cash flow, foreign exchange movements and quoted share prices, if applicable, to 31 July 2016.

For the purposes of reporting under IFRS, a cost valuation basis is equivalent to price of recent investment.