Greater transparency was the main remedy prescribed to cure the private equity industry's ailing image last year.

Permira, which found itself at the centre of the public relations storm, deserves a pat on the back for following through on its pledge to make the industry more open.

Yesterday, it became one of the first buyout groups to publish an annual report disclosing all sorts of behind-the-scenes details of its inner workings.

It is not that there is anything terribly revealing in the report. But, just a year ago, the idea of sharing any private information would have been anathema. Other firms should follow its lead.

The most striking aspect of the report is the way it reveals Permira's ambitions to transform itself from a largely UK-based buyout shop to one of the world's biggest private equity firms.

Last year it promoted Damon Buffini, its founder, to the new role of chairman with a view to expanding the firm's reach into new sectors and geographies.

The latest plan is to expand to the West Coast of America this year. Permira was one of the first to make the move across the pond when it set up its New York office in 2002 under the leadership of Tom Lister.

Last week it quietly bolstered the team by the addition of John Coyle, the global boss of JPMorgan's private equity advisory group and one of the industry's most respected and well-connected figures. That Permira managed to nab Mr Coyle speaks volumes about its ambitions in America.

By planning to spread its tentacles to the West Coast, Permira is clearly positioning itself alongside the giants of the industry, Blackstone, KKR and Carlyle.

Of course, as it does so, it will only encourage greater public scrutiny.

david.wighton@thetimes.co.uk

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