Further shake-up at 3i

3i’s German head Stephan Kruemmer has left the firm citing personal reasons.

He has been at the UK-headquartered private equity house for four years. He is to be succeeded by Ulf von Haacke and Peter Wirtz, who will jointly lead the team.

It is the latest personnel change at 3i following a difficult start to the year. Following portfolio write-downs, the firm lost group executive Philip Yea, with the chairman Baroness Hogg set to leave in 2010.

In a bid to shore up cash, the firm has also liquidised its listed Quoted Private Equity fund and sold off 10 of its venture capital firms to Coller Capital.