SVG Capital, the biggest investor in Permira, has reported the first fall in its private equity portfolio for seven years, largely because of an 80 per cent writedown on ProSiebenSat.1 Media, the German television broadcaster.

SVG, which acts as a listed proxy for Permira, one of Europe's biggest private equity groups, also took big writedowns on Valentino, the Italian luxury fashion group; on Galaxy, the Macau casino operator; and on Gala Coral, the betting and bingo group.