• 1 Freescale

    NXP Semiconductors (Freescale)

    Embedded semiconductors
    Equity cost
    £82m*
    Value
    £83m**
    % of total assets
    8%
    Date of acquisition
    Nov 06

    Fund: Permira IV
    Fund currency: €

    Freescale Semiconductor merged with NXP Semiconductors in Q4 2015. Freescale/NXP is a global leader in the design and manufacture of semiconductors for the automotive, consumer, industrial and networking markets. The valuation basis is quoted.

    *   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

    Visit the company's website

  • 2

    Platform Specialty Products

    Agrochemicals
    Equity cost
    £41m*
    Value
    £77m**
    % 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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  • 3

    TeamViewer

    Secure remote support software
    Equity cost
    £18m*
    Value
    £32m
    % 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
    £27m
    % of total assets
    2%
    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 130,000 Stock Keeping Units (SKU) in categories including fasteners, key duplication systems, letters, numbers and signs, engraved tags, builder’s hardware, and the recently added nail, deck and drywall. 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

    Visit the company's website

  • 5

    Visma

    ERP Software
    Equity cost
    £18m*
    Value
    £22m
    % 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
    £20m
    % 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 cost. 

    *Cost derived using foreign exchange rates at date of call

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  • 7

    Eyemart Express

    Optical retailer
    Equity cost
    £15m*
    Value
    £15m**
    % 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 seventh largest overall operating in more than 30 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 cost.

    *Cost derived using foreign exchange rates at date of call
    ** Based on 31 December 2015 GP valuations

    Visit the company’s website

  • 8

    Jetro Cash & Carry

    Cash and Carry wholesaler
    Equity cost
    £8m*
    Value
    £13m
    % 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

    Visit the company’s website 

  • 9

    Informatica

    Enterprise software and solutions
    Equity cost
    £10m*
    Value
    £11m
    % of total assets
    1%
    Date of acquisition
    Apr 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

    Visit the company's website

  • 10

    Synlab

    Clinical laboratory services
    Equity cost
    £9m*
    Value
    £10m
    % 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. It operates a large portfolio of hospital outsourcing contracts, providing services to both ambulatory care and hospitals. 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

    Visit the company’s website 

  • 11

    PQ Corporation

    Chemical producer
    Equity cost
    £9m*
    Value
    £10m
    % of total assets
    1%
    Date of acquisition
    Dec 14

    Fund: CCMP III
    Fund currency: $
     
    Founded in 1831, PQ is a leading worldwide producer of specialty inorganic performance chemicals, high-end catalysts and engineered glass beads for the consumer, oil and gas, transportation safety, specialty plastics and industrial markets. The valuation basis is earnings.

    *Cost derived using foreign exchange rates at date of call

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  • 12

    Genesys

    Enterprise software and solutions
    Equity cost
    £4m*
    Value
    £9m
    % of total assets
    1%
    Date of acquisition
    Feb 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 earnings.

    *Cost derived using foreign exchange rates at date of call

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  • 13

    Brand Energy & Infrastructure

    Support Services
    Equity cost
    £7m*
    Value
    £9m
    % 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

    Visit the company's website

     

  • 14

    Eco Services

    Chemical producer
    Equity cost
    £6m*
    Value
    £8m
    % of total assets
    1%
    Date of acquisition
    Dec 14

    Fund: CCMP III
    Fund currency: $

    Eco Services is the leading US producer of sulfuric acid, the largest chemical product by volume in the US. The company is the US leader in technologies that regenerate spent sulfuric acid for continuous use in oil refining and also produces virgin sulfuric acid that is used in a range of applications, including mining, water treatment and other industrial chemical processes.  In early Q2 2016, Eco Services merged with PQ Corporation. The valuation basis is earnings. 

    *Cost derived using foreign exchange rates at date of call

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  • 15

    GFKL/Lowell

    Credit and receivables management
    Remaining cost
    £7m*
    Value
    £8m
    % of total assets
    1%
    Date of acquisition
    Jun 15

    Fund: Permira V
    Fund currency: €

    GFKL Financial Services and Lowell Group are leading receivables management businesses in Germany and the UK. The group looks after 15 million customers and is active in both third party debt collection and debt purchase across several sectors including financial institutions, telecommunications, retail and ecommerce. The valuation basis is earnings. 

    *Cost derived using foreign exchange rates at date of call

    Visit the GFKL Financial Services website

    Visit the Lowell Group website

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 31 March 2016 valuations, rolled forward for cash flow, foreign exchange movements and quoted share prices, if applicable, to 30 April 2016.

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