3i Launches Europe’s Largest Secondary Sale

3i, a global private equity firm, is understood to have launched the sale of a number of portfolio interests that could raise between £300m and £400m for the London-listed business.

The Wall Street Journal reported that Campbell Lutyens, 3i’s traditional adviser, has contacted key players in the secondaries market regarding a number of European venture capital assets.

Likely bidders include AlpInvest, Coller Capital and HarbourVest Partners.

An unnamed source in the report said that 3i is aiming to cut its leverage from approximately £1.85bn to £1bn over the next 12 to 15 months.

3i said last year, when under the stewardship of Philip Yea, who left the firm to be replaced by former infrastructure head Michael Queen in January, that it was moving away from venture capital investment. The firm currently has approximately 40 European venture capital companies in its portfolio.

Source: Thomson Merger News