Permira is undertaking a strategic realignment of its Asia operations, with plans to shutter offices in Hong Kong and Shanghai and consolidate its regional leadership in India, according to a report by Bloomberg citing sources familiar with the matter.
The London-headquartered private equity firm will phase out the two offices over the next 18 months, impacting fewer than 10 investment professionals. Most are expected to transition to other locations within the firm’s global network.
As part of the reshuffle, Siddarth Narayan, currently Managing Director and Head of India, will assume the role of Head of Asia later this year.
The move underscores Permira’s growing conviction in India’s economic trajectory, identifying it as a key engine of growth within the APAC region. The firm has already demonstrated commitment to the market through its 2023 investment in Acuity Knowledge Partners, a leading outsourcing business with a significant presence in India.
The decision follows a broader trend among global investors recalibrating their exposure to China, amid rising geopolitical tensions and a cooling economic outlook. Ontario Teachers’ Pension Plan also recently announced plans to close its Hong Kong office as it scales back its China footprint. Nonetheless, Hong Kong remains a magnet for financial talent, with licensed finance roles hitting record highs last year.
Separately, Permira is strengthening its capital formation platform across Asia-Pacific. The firm is actively recruiting a new regional head for capital formation in Japan, while Stephanie Chung, currently leading capital formation for Asia, will assume leadership of the Singapore office later this year.
In a further leadership change, Daniel Tan, Permira’s current Head of Asia, will relocate to New York to serve as a Partner, reinforcing the firm’s North American operations alongside Services Co-Head Daniel Brenhouse.
Permira, which manages over €80bn ($92bn) in assets across private equity and credit strategies, maintains a global footprint of more than 500 professionals across 16 offices worldwide. Coverage of Australia and New Zealand will continue through its teams in India, Singapore, and global sector hubs.
