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PEOPLE - A Different Plan

Permira, one of Europe’s biggest private equity firms, has been living up to its name, which in Latin means “very surprising, very different.”

Even as buyout activity reached a fever pitch early this year, the firm did not make a single investment for its fourth and latest fund, a €13 billion ($19 bil­lion) vehicle. Now, in an­other unorthodox move, it has tapped two senior executives to run the business on a daily basis, even though its leader, Damon Buffini, is a relatively young 46-year-old. Buffini becomes chairman, retaining responsibility for overall strategy, funding and new business, while U.S. head Tom Lister, 43, and Nordic chief Kurt Björkland, 38, take over operations. Says Lister, “Kurt and I recognize we have very big shoes to fill, as Damon has managed the private equity business exceptionally well over the past many years.”