Permira is realigning its Asia strategy, consolidating regional operations in India while winding down its offices in Hong Kong and Shanghai over the next 18 months, according to sources cited by Bloomberg.

The move comes as part of a broader strategic shift driven by evolving geopolitical dynamics and a growing focus on India’s long-term growth potential.

Siddarth Narayan, currently Managing Director and Head of India, will assume the role of Head of Asia later this year, underscoring the firm’s deepening commitment to the Indian market. The firm’s recent investment in Acuity Knowledge Partners—a business process outsourcing platform with a significant India presence—has reinforced its conviction in the region.

Permira’s office closures in China will affect fewer than 10 professionals, most of whom are expected to transition to other locations within the firm’s 16-office global network. The restructuring echoes a wider trend of global allocators reassessing China exposure. Ontario Teachers’ Pension Plan also recently announced plans to exit Hong Kong as part of a similar retreat.

While scaling back in Greater China, Permira is simultaneously strengthening its capital formation platform across the Asia-Pacific region. Stephanie Chung, currently Head of Capital Formation for Asia, will lead the Singapore office, while the firm is actively recruiting a regional capital formation head for Japan.

Daniel Tan, Permira’s current Head of Asia, will relocate to New York later this year to take on the role of Partner, further expanding the firm’s senior presence in North America alongside Daniel Brenhouse, Co-Head of Services.

Permira, which manages over €80bn ($92bn) in assets across private equity and credit strategies, will continue to cover Australia and New Zealand through teams based in India, Singapore, and its global sector hubs.

Source: Bloomberg