AVCJ

3i plans RMB fund under Queen's blueprint

  • Paul Mackintosh
  • LinkedIn  
  • Google plus  
  • Save this article  

UK private equity major 3i Group is planning to launch a renminbi-denominated fund as part of an overall two-year plan, announced 3i CEO Michael Queen, coming alongside the second Indian infrastructure fund expected since March this year.

Queen identified the RMB fund and the Indian infra fund, along with a new European PE fund, as the key fundraising priorities for the next 18-24 months. The new funds form part of the strategic plan embracing a merger of 3i's growth capital and buyout divisions into one PE business line. That decision has led to some staff movements recently, with the winding down of the Asian buyout arm leading to the departure of Mahesh Chhabria, Partner since 2006, for Actis in February; Director Dominic Orchard for KPMG in March; and regional buyouts head David Osborne for CapAsia in June, as well as the exit of global buyouts head Jonathan Russell.

However, 3i's new GBP1.1 billion ($1.6 billion) growth capital fund, launched in March as 3i's first-ever externally funded growth vehicle, has China Investment Corporation as its biggest third-party investor, suggesting good prospects for the RMB vehicle. The target size of the new RMB fund was not disclosed.

Information currently unavailable
  • LinkedIn  
  • Google plus  
  • Save this article  

More on Europe

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs