Report: 3i Plans Portfolio Sale to Chamonix PE

LONDON (Reuters) – British private equity firm 3i Group Plc (III.L: Quote, Profile, Research, Stock Buzz) plans to sell its stakes in up to 70 companies to Chamonix Private Equity, the Daily Telegraph reported on Monday, without citing its sources.

Chamonix specialises in buying portfolios of businesses from other private equity or hedge fund managers. Managing partners Jane Crawford and Chris Edge both previously worked at 3i.

The businesses are from 3i’s “smaller minority investment” category, the Telegraph said, and the sale will free up management time to focus on bigger moves. 3i’s listed infrastructure fund, 3i Infrastructure Plc (3IN.L: Quote, Profile, Research, Stock Buzz), has said it would like to take part in a bid for Gatwick airport.

Shares in 3i, which have lost more than two-thirds of their value this year, fell 2.1 percent to 304 pence by 0923 GMT.

Earlier this month 3i said it would cut 100 jobs worldwide, or about 15 percent of its workforce.

Representatives of 3i and Chamonix did not immediately return calls seeking comment. (Reporting by Quentin Webb; Editing by Erica Billingham) (Reuters Messaging:; +44 207 542 9405))