3i's latest buyout fund exceeds target at first closing

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3i, Europe''s leading private equity and venture capital company, today announces that its pan-European Buyout business (''3i Buyouts'') has successfully completed the First Closing of its latest buyout fund, ''Eurofund V''. The amount committed to date is €4.3bn, well beyond the initial intended target of €3.5bn. The fund''s final close is due in the autumn and is capped at €5bn.

3i Buyouts is the leader in the European mid-market with c€8bn in funds under management. The business invests in mid-market transactions up to €1bn in all sectors. 3i Buyout''s competitive edge comes from its pan-European network and global sector insight, delivering unique market access for deal flow and value creation.

Jonathan Russell, Managing Partner and Head of 3i Buyouts commented: "This is an exciting time for our business and this fund reinforces our position as the leader in this space. As many players leave the mid-market in search of large-end transactions, 3i Buyouts'' opportunity increases. "

Eurofund V will be invested in around 50 investments across Europe over approximately four years and at €5bn, will be the largest fund focussed on the mid- market space. The fund already has a high quality and well-diversified base of over 50 investors from all over the world, including strong support from investors in prior 3i managed funds. 
 
The First Closing of the latest fund follows another successful year for 3i Buyouts. Significant realisations across Europe include the sale of: German generic prescription drugs distributor, betapharm; own-label Dutch fruit juice business, Refresco; Swedish clothing, home and accessories retailer Gant; UK environmental due diligence firm ERM; International foreign exchange specialist Travelex; and Netherlands-based directories business Yellow Brick Road. 

From a 3i Group perspective, Chief Executive Phil Yea commented:  "We are growing our assets, both those on our balance sheet and those we manage for third parties. This main close of Eurofund V and 3i Group''s recent strong growth in Asia are excellent examples of this.

He added: "The ability of our Buyouts business to leverage the Group knowledge and relationships has been a key ingredient of their success."