PCM has been active in the private equity industry since 1990, including fund investments and direct investing in growth companies. The team that created PCM is still on its investment committee today. The following is an abbreviated timeline of some of the major milestones in the development of PCM.

1990 – The firm is organized as a separate team within the Permal Group to manage the private equity activities of Permal

1994 – Permal Private Equity Holdings is organized, PCM’s first multi-manager private equity fund

1997 – PCM creates Permal Private Investments, a separate account structure created to make private equity investments for an affiliated entity

2002 – Permal Private Equity Opportunities is organized, PCM’s first dedicated secondary market fund

2002 – PCM is established as a stand-alone entity and its principals purchase a direct economic stake in the business

2006 – PCM organizes its first separate account structure for an external entity, a large corporate defined benefit plan

2007 – PCM Principals completes the purchase of an additional stake in PCM, bringing the total economic interest owned by management to 80%.