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3i looks to add staff to private equity team

26 Sep 2013

boardroom2_lrgUK-based private equity firm 3i Group is reportedly hiring new staff after trimming its staff by a third in the past year.

3i plans to hire associates for its private equity teams in the UK and German, where it sees the best potential for profitable deals, said Bloomberg, citing three people with knowledge of the matter.

The firm has also held talks with candidates for a senior role in its London office, said two of the people.

After Simon Borrows took over as CEO in June last year, the firm shut down six of its 19 officer and reduced its headcount by a third as part of its efforts to cut its debts below £1bn.

3i still expects to be a net seller of assets, but is starting to make investments to build investor confidence for a new capital pool, said the report.

In July AltAssets reported that the firm would target a 2x return and keep its mid-market private equity investments to around £500m.

Borrows said 3i was broadening its base of business and reducing the size of its private equity portfolio in line with its strategy of diversification into debt management and infrastructure.

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