3i bids for Barclays’ infrastructure fund unit

Suzie Neuwirth

PRIVATE equity firm 3i Group today announced that it has made an offer to Barclays Bank to acquire its European infrastructure fund management business, in a move to grow its third-party income.

The company said that the acquisition of Barclays Infrastructure Funds Management (BIFM) would develop its infrastructure business and increase its income from third party assets under management.

No value was given for the deal.

BIFM manages £780m and has an investment team based in London and Paris.

“In addition to the significant progress already made in growing our debt management business over the past 12 months, this acquisition would represent further progress towards the strategic objectives that we announced in June last year,” said Simon Borrows, 3i chief executive.