Britain's largest private equity firm, Permira, is about to take the plunge into China.

Permira has decided it wants in on the Chinese consumer market, according to This Is Money. The PE firm plans to open an office in Hong Kong in May or June and looks set to devote a fairly large team to China projects.

Shopping, gambling, and cell phone service look as though it will be the three big areas for new projects. Permira head Damon Buffini is moving London retail and leisure specialist James Burrell and German telecoms guru Axel Hefer to Hong Kong for the opening of the office there.