Reuters: Private Equity: 3i boosts debt assets with deal for Invesco funds

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3i boosts debt assets with deal for Invesco funds May 31st 2012, 14:26 By Simon Meads LONDON | Thu May 31, 2012 10:26am EDT LONDON May 31 (Reuters) - Private equity firm 3i Group said it had agreed to buy a clutch of debt funds from Invesco, as the group steps up efforts to diversify away from traditional private equity deals under new Chief Executive Simon Borrows. 3i said it had signed agreements to buy seven European collateralised loan obligation management contracts from Invesco, adding some 2 billion euros in assets to its debt management arm established 18 months ago. Mirroring many large private equity firms, such as Blackstone and KKR that have expanded their businesses into new fields of asset management, 3i acquired the debt management of Mizuho in 2010 for 18.3 million pounds, under former chief executive Michael Queen. The deal marks the first significant acquisition for Borrows in his new role as CEO, and underlines his commitment to extending 3i's asset base. It takes total debt assets under management to 6 billion euros. No other financial details were disclosed. Speaking at the private equity group's full-year results earlier this month, Borrows said he wanted to see debt management and infrastructure become larger parts of 3i's investment strategy. 3i shares were up 2.7 percent at 174.2 pence at 1325 GMT. Link this Share this Digg this Email Reprints

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