Permira Holdings is revamping its strategy in Asia by closing its offices in Hong Kong and Shanghai, while shifting senior leadership to India. This transition is expected to take place over the next 18 months and will impact fewer than 10 staff members, most of whom are likely to be relocated to other offices. Siddarth Narayan, currently managing director and head of India, will take on the role of head for Asia later this year.

The London-based investment firm is focusing on India, which it views as a rapidly growing market with significant opportunities driven by digitization. In 2023, Permira invested in Acuity Knowledge Partners, an outsourcing firm with a substantial workforce in India. Co-CEO Dipan Patel emphasized that India presents a unique advantage for the firm, aligning with its trans-Atlantic investment strategy and growth trends.

The decision to close the Hong Kong and Shanghai offices follows similar moves by other firms, such as the Ontario Teachers’ Pension Plan, which is reducing its exposure to China amid ongoing trade tensions with the US. Despite these challenges, Hong Kong continues to attract talent, with a record number of licensed finance jobs reported last year.

Permira is also expanding its capital formation business in the Asia-Pacific region, focusing on fundraising and investor relations. The firm plans to appoint a new head for this division in Japan and will promote Stephanie Chung, the current head of capital formation for Asia, to lead the Singapore office later this year.

As part of the leadership changes, Daniel Tan, the current head for Asia, will transition from Singapore to New York to strengthen the firm’s US operations. Permira will maintain its coverage of Australia and New Zealand through its teams based in India, Singapore, and globally.

With over 500 employees across 16 offices in Europe, the US, and Asia, Permira manages approximately 80 billion euros (S$120 billion) in capital, investing in both private equity and credit markets.