Permira is appointing two new co-managing partners, setting up fresh leadership at the top of the investment firm that manages about €80 billion (approximately $86 billion) across private equity and credit funds.

The firm is appointing Brian Ruder and Dipan Patel as co-managing partners and co-chief executive officers, according to a statement seen by Bloomberg News. Kurt Björklund, who is currently sole managing partner, will become executive chairman.

It marks the first major leadership change at Permira in 16 years. Björklund became co-managing partner in 2008, and has been sole head since 2021. Succession planning is important for PE firms, since their investors commit money to funds that have lifespans of a decade or more.