Hanau jumps to Bain from 3i

  • Ken Hanau to head North American industrials at Bain
  • Joined 3i in 2006
  • 3i names two co-heads to replace Hanau

Hanau will be head of Bain’s Industrials North America, a source said. It’s not clear when he will join the Boston buyout shop.

Hanau was managing partner of 3i’s North America team. His LinkedIn profile states that he started work at the London-based firm in September 2006. Hanau departed 3i on Friday, Septeber 11, Kathryn van der Kroft, a firm spokeswoman, said.

News of Hanau’s departure was first reported by Dow Jones’ LBO Wire.

On Monday, 3i named Richard Relyea and Andrew Olinick to replace Hanau as co-heads of the firm’s North America private equity business. Both are partners in the firm’s New York office.

In a statement, Menno Antal and Alan Giddins, managing partners and co-heads of PE for 3i, said they continue to see “an increasing number of attractive mid-market investment opportunities in businesses” in the United States.

3i doesn’t have a dedicated U.S. fund. The firm also called off plans last year for a dedicated Brazil fund, according to the Financial Times. 3i had planned to launch a $500 million Brazil fund, Reuters said.

“All our private equity investments [across all geographies] are currently being funded from our balance sheet — an advantage we have as a listed fund,” van der Kroft wrote in a response to questions.

In May, 3i promoted eight investment professionals, including Olinick, in its private equity business. 3i said the PE group delivered a 24 percent gross investment return, while the firm’s last two funds “significantly” improved their performance.

The 3i Growth Capital Fund, which raised 1.2 billion euros ($1.4 billion) in 2010, was at 1.7x as of March 31, while 3i Eurofund V LP, which closed at 5 billion euros ($5.65 billion) in 2006, was at 1.4x, the firm said.

3i’s private equity business also generated 831 million pounds ($1.3 billion) of proceeds as of March 31, the statement said.

Bain declined comment.