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Permira’s Brian Ruder talks AI, Squarespace acquisition, and the value of co-leadership

Reported by Techcrunch
Dec 29, 2024· 2 min read
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Key Takeaways
  • • Permira closed two major take-private deals in 2024: a €13 billion acquisition of European classifieds platform Adevinta (alongside Blackstone) and a €7.2 billion deal to take website builder Squarespace private in October, positioning the firm as a leading consolidator in tech buyouts.
  • • The firm raised a €16.7 billion buyout fund and maintains separate growth-stage investment vehicles that take minority and majority stakes in earlier-stage companies, with Klarna (invested since 2017) exemplifying its long-duration growth strategy ahead of the fintech's planned IPO.
  • • Brian Ruder, Permira's new co-managing partner and co-CEO, confirmed the firm's commitment to extended holding periods in minority-stake growth companies where Permira lacks exit control, aligning capital allocation with patient capital strategies.
  • • Permira's co-leadership model reflects a long-standing organizational philosophy dating to 2008 when Kurt Björklund and Tom Lister co-managed the firm, demonstrating the institution's preference for distributed executive power rather than single-leader hierarchies.
Summary
Permira has established itself as a dominant player in 2024's wave of large-scale technology take-private transactions, capitalizing on attractive valuations in the public tech market. The London-headquartered private equity firm co-led the €13 billion acquisition of Adevinta, Europe's leading online classifieds platform, alongside Blackstone, and completed an October transaction to take Squarespace, a popular website-building platform, private at a valuation of €7.2 billion. These deals exemplify Permira's strategic positioning within the broader private equity landscape, where over a dozen billion-dollar technology take-privates have occurred in 2024.

Beyond headline-grabbing billion-dollar acquisitions, Permira operates a more diversified investment strategy across fund vehicles. The firm closed a €16.7 billion buyout fund while simultaneously managing separate funds focused on minority and majority stakes in high-growth, earlier-stage companies. This dual-track approach reflects the firm's belief in patient capital deployment across multiple company maturity stages. Permira's 2017 investment in Swedish fintech Klarna exemplifies this long-duration strategy; the firm remains invested in Klarna as the company prepares for an initial public offering eight years after Permira's initial commitment. According to Brian Ruder, Permira's new co-managing partner and co-CEO, the firm explicitly embraces extended holding periods in growth-stage companies where it holds minority stakes and lacks control over exit timing. As Ruder stated to TechCrunch, "Generally speaking, with these minority growth strategies, you don't control the exit, and therefore we embrace being in these companies for a long time."

Ruder's elevation to co-CEO reflects Permira's institutional commitment to shared leadership models. The firm's embrace of co-leadership represents a deliberate organizational choice rather than a temporary experiment. Kurt Björklund and Tom Lister established this precedent beginning in 2008, demonstrating that Permira's governance structure prioritizes distributed executive power, a philosophy that has shaped the firm's decision-making and strategic direction across more than a decade.

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Techcrunch Permira’s Brian Ruder talks AI, Squarespace acquisition, and the value of co-leadership