3i gives up Indian quoted equity plan

A spokeswoman for 3i told Dow Jones the firm was "constantly assessing what other opportunities may be attractive across all the markets in which we operate."

3i has previously expressed interest in quoted investment, and listed 3i Quoted Private Equity in 2007 to purchase minority stakes in other UK quoted stocks.

Michael Queen, the CEO of 3i who is leaving the company, said earlier that he was fond of the idea of listed investments but the company had overcomplicated the structure by creating a listed vehicle. "When I look around there are lots of smaller quoted companies that are starved of capital and have trouble attracting the attention of their fund managers simply by virtue of their size."

However, 3i is still on the road to launching its second Indian infrastructure fund. This follows the strong performance of the firm's first such fund, the $1.2 billion 3i India Infrastructure Fund, which has apparently enjoyed considerable success and industry respect.

Earlier this week, 3i was said to have appointed Simon Borrows as its new chief executive, replacing Queen, who announced his resignation in March after spending three years as head of the company.

Borrows' appointment is expected to bring about a reversal to the company's declining share price. Under his leadership, the company is expected to concentrate more on its core strength of European buyouts instead of diversifying its business in emerging markets.

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• Topics
• South Asia
• Fundraising
• India
• 3i Asia Pacific
• Fundraising