Europe’s biggest private equity group on Thursday night pledged to provide more information about the high-profile companies it owns, in response to a barrage of trade union criticism in Britain. In a rare interview, Damon Buffini, managing partner of Permira, rejected claims that private equity was secretive and destroyed jobs but accepted that the industry had to reach out to the wider public. “There has to be more disclosure,” Mr Buffini told the FT. That was particularly appropriate when Permira owned companies that were household names and big employers, such as the AA motoring organisation and the retailer New Look, he said. But Mr Buffini said greater disclosure among private equity groups, including information about the names of its investors, did not extend to details of executives’ pay packages, which should be kept private. Mr Buffini said private equity was a global phenomenon and an unforgiving industry. “There is no parachute for failure in this business,” he said.

This entry was posted by Helen Thomas on Friday, February 23rd, 2007 at 5:23 and is filed under Private equity. Tagged with damon buffini, permira. Edit this entry.