3i has completed the first closing of its latest buyout fund, Eurofund V, on €4.3bn, beyond the intended target of €3.5bn, and on course for its €5bn cap, which it aims to reach in the autumn.
3i is definitely trading on its brand as much of the investment in Eurofund V is from existing 3i investors – 50 in total. Phil Yea, chief executive of 3i, said: “The ability of our buyouts business to leverage the group knowledge and relationships has been a key ingredient of their success.”
Eurofund V will invest in around 50 opportunities across Europe over the next four years and at €5bn will be the largest fund focused on the mid-market space.
Jonathan Russell, managing partner and head of 3i Buyouts said: “As many players leave the mid-market in search of large-end transactions, 3i Buyouts’ opportunities increase.”
3i Buyouts has had quite a year in Europe with the realisations of Betapharm, a generic drug distributor; Refresco, an own-label fruit juice business; Gant, a clothing retailer, ERM, an environmental due diligence firm; Travelex, a foreign exchange specialist; and Yellow Brick Road, a directories business.