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Permira Credit
David Hirschmann leads Permira Credit, a direct-lending and liquid-credit manager built alongside Permira's European private equity platform since 2007.
Permira Credit
Permira Credit was established in 2007 as an independent credit manager, seeded by the partners of Permira to build a dedicated platform alongside the flagship buyout funds. The firm's founding mapped directly to the post-GFC dislocation in European leveraged finance, where bank retrenchment opened a structural window for non-bank lenders. Today, Permira Credit operates with autonomy on investment decisions while benefiting from the sourcing network, sector diligence, and operational resources of one of Europe's oldest large-cap private equity firms. The firm deploys across the full credit stack, with distinct strategies for liquid European leveraged loans and private direct lending. The direct-lending arm targets senior-secured and unitranche facilities for sponsor-backed mid-market companies across Western Europe, typically writing checks in the €30 million to €150 million range. The liquid credit strategy manages CLOs and separately managed accounts investing in broadly syndicated European loans. Confirmed investments include financings for Alter Domus and Corialis (per Private Debt Investor, 2022). Geographic coverage concentrates on the UK, DACH region, France, and the Benelux. Permira Credit operates from London, New York, Luxembourg, and Paris. The partnership is led by CEO David Hirschmann, a veteran of Permira since 1999 who moved across to build the credit business at its inception. May 2024: Permira announced the close of its seventh flagship buyout fund at €16.7 billion, the largest in the firm's history, which indirectly strengthens the credit platform's origination funnel (per Bloomberg, May 2024). The credit business remains distinct from the private equity funds in its limited-partner base, serving institutional allocators including pension funds, insurers, and sovereign wealth funds seeking European credit exposure. Permira Credit's structural differentiator is operating as a dedicated credit manager embedded within a private equity firm that has over €80 billion in assets under management across private equity and credit. This hybrid model means the credit team can decline sponsor-auction processes without franchise risk, using Permira's broader deal flow as a proprietary sourcing advantage. The firm is regulated by the FCA in the UK and the CSSF in Luxembourg, and it manages commingled funds, CLOs, and bespoke mandates for institutional limited partners.
General information
Firm type
Asset Manager
Year founded
2007
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Additional offices
New York, United States · Luxembourg · Paris, France
Principals
David Hirschmann
Chief Executive Officer
Ariadna Stefanescu
Co-Head of Liquid Credit
Eamon Devlin
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Permira Credit?
David Hirschmann serves as Chief Executive Officer and has led the firm since its founding in 2007. He was previously a partner at Permira's private equity business. Investment committees for each strategy — direct lending and liquid credit — are staffed by senior partners who have operated through multiple European credit cycles.
How is Permira Credit related to Permira's private equity funds?
Permira Credit was seeded by Permira's partners but operates as an independent investment manager with its own investment committees, limited-partner base, and regulatory registrations. The credit business does not invest capital from Permira's buyout funds. However, Permira Credit can source deals through the private equity team's sponsor and corporate relationships, giving it a proprietary origination channel unavailable to standalone credit managers.
What investment structures does Permira Credit use?
The firm manages commingled direct-lending funds, European CLOs, and separately managed accounts for large institutional mandates. On the private side, Permira Credit typically leads or co-leads unitranche and senior-secured facilities for mid-market sponsor-backed companies in Western Europe.
What size of companies does Permira Credit target in direct lending?
The direct-lending strategy focuses on European mid-market companies with enterprise values generally between €75 million and €500 million. Hold-size positions typically range from €30 million to €150 million, with the firm positioning as a lead arranger rather than a participant in broadly syndicated processes.
Where does Permira Credit invest geographically?
The firm concentrates on Western European markets, with the highest deal activity in the United Kingdom, Germany, France, and the Benelux region. Its office footprint in London, Paris, and Luxembourg supports local origination and portfolio monitoring across these jurisdictions.
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