3i Group closes new growth equity fund

London-based private equity firm 3i Group said it has made its first investment from its new growth equity fund as it looks to capitalize on a rise in companies seeking funding from minority investors to help them grow.

3i last month announced it has closed the new $1.6 billion fund for making investments across Europe, Asia and North America, raising about $540 million from limited partners and contributing about $1.1 billion from its own coffers.

The firm also announced the fund’s first deal, taking a 20% stake in European fruit juice producer Refresco for about $115 million

The new fund launch comes as 3i said its overall portfolio performance is in line with expectations as it sees companies across its portfolio improve. —Simon Meads, Reuters