Permira awaits attractive buying opportunities

* Permira sees investment windows in 6-24 months

* Warns market could get worse before it recovers

* Sees subdued investment activity in 2009

* Sees more difficult decisions to protect Permira cos

LONDON, April 28 (Reuters) - European private equity firm Permira [PERM.UL] said it expects to see attractive investment opportunities emerge in the final quarter of 2009, but warned market conditions could get worse before they get better.

"I have not experienced such a lack of clarity about the outlook in my career and there may be worse to come before we see a recovery," chairman Damon Buffini wrote in the firm's 2008 annual review, published on Tuesday.

Permira earlier this year wrote down the value of its portfolio by 36 percent for 2008 as the downturn forced it to cut the value of its investments, including German broadcaster ProSiebenSat.1 Media (PSMG_p.DE) and fashion group Valentino.

The firm said investment activity is likely to be subdued throughout 2009 although it expects new opportunities to emerge over the coming six to 24 months.