Permira, the private equity business spun out of Schroders, is soon to start fundraising for its third buy-out fund, with a target to exceed its previous €3.5bn ($3.9m) fund.

Permira's latest fund, called Permira Europe III, will focus on European buy-outs and buy-ins across a range of industry sectors. Fundraising starts later this month. Permira would not disclose its exact target.