Business & Media: A licence to make money

W ITH equities only just recovering, cash-generative businesses – pubs, fitness centres, real estate and retail chains – are in play to venture capital firms, which can borrow money cheaply andpotentially offer huge returns. It’s why the euros 5 billion fund that Permira just closed was one of the most successful recent fundraising ventures by a private equity house. Money flooded in frompension funds and investment banks eager to compensate for the appalling returns of the past three years. Expect Permira to be at the forefront of deal activity throughout Europe in the next 18months.