UK private equity house 3i has started the New Year with three strategic changes. Group executive Philip Yea is to stand down and be replaced by Michael Queen, and Cressida Hogg is to replace Queen as managing partner of infrastructure.
The moves have come as the firm announced its top 50 investments had lost £682m (21%) of their value in its third quarter.
Queen has been managing partner of 3i’s infrastructure business line since 2007. Prior to that, he ran 3i’s Growth Capital Business globally. From 1995-2005, he was finance director of 3i Group and has been on 3i Group’s board since 1997. He is a previous chairman of the British Venture Capital Association.
Hogg joined 3i in 1995 and worked in the UK Growth Capital and Buyouts businesses before being appointed head of the infrastructure investment team when it was established in 2005. As the team’s senior partner and chief investment officer, she has been involved in every infrastructure transaction made by the team and advised on all transactions made by 3i infrastructure following its initial public offering on the London Stock Exchange in 2007.