Investment Summary

Permira Exits Topcast

On November 25, 2025, private equity firm Warburg Pincus invested in aerospace company Topcast from Permira

Investment Highlights
  • This is Warburg Pincus’ 6th transaction in the Aerospace sector.
  • This is Warburg Pincus’ 68th transaction in China.

Investment Summary

Date 2025-11-25
Target Topcast
Sector Aerospace
Investor(s) Warburg Pincus
Sellers(s) Permira
Deal Type Secondary Buyout

Target

Topcast

Hong Kong, China
Topcast connects suppliers with customers in all segments of aviation including airlines, Maintenance, Repair, and Overhaul (MRO) service providers and Original Equipment Manufacturers (OEMs). Topcast operates as an extension of the suppliers offering not only aftermarket support, but also the development of new businesses for its principals. The company also provides technical support and maintenance services and distribution of industrial cables and wires. Topcast was founded in 1991 and is based in Hong Kong, China.

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Investor(S) 1

Investor

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 492 of 492
Sector: Aerospace M&A 6 of 6
Type: Secondary Buyout M&A Deals 70 of 70
Country: China M&A 68 of 68
Year: 2025 M&A 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-13 PSI Group

Berlin, Germany

PSI Group develops software products for optimizing the flow of energy and materials for utilities and industry. As an independent software producer, it offers process control systems that ensure sustainable energy supply and production by combining AI methods with industrially proven optimization methods. PSI Group is based in Berlin, Germany.

Buy €702M

Seller(S) 1

SELLER

Permira

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 80.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 97 of 97
Sector: Aerospace M&A 2 of 2
Type: Secondary Buyout M&A Deals 29 of 29
Country: China M&A 4 of 4
Year: 2025 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-10 Klarna

Stockholm, Sweden

Klarna offers safe and easy-to-use payment solutions to e-stores in Europe with the ambition to make e-commerce safer, simpler and more fun. At the core of Klarna's services is the concept of after delivery payment, which lets buyers receive ordered goods before any payment is due. At the same time, Klarna assumes all credit and fraud risk for e-stores so that sellers can rest assured that they will always receive their money. Klarna was founded in 2005 and is based in Stockholm, Sweden.

Sell -