The NP‐complete Permutation Pattern Matching problem asks whether a k‐permutation P is contained in a n‐permutation T as a pattern. This is the case if there exists an order‐preserving embedding of P into T. In this paper, we present a fixed‐parameter algorithm solving this problem with a worst‐case runtime of , where denotes the number of alternating runs of T. This algorithm is particularly well‐suited for instances where T has few runs, i.e., few ups and downs. Moreover, since , this can be seen as a algorithm which is the first to beat the exponential runtime of brute‐force search. Furthermore, we prove that under standard complexity theoretic assumptions such a fixed‐parameter tractability result is not possible for .