3i divests stake in Alpha Schools

Infrastructure fund 3i yesterday said it had sold its 50 per cent stake in consortium Alpha Schools to a subsidiary of HICL – which owns the remaining 50 per cent – for £21.2m. PFI project Alpha Schools, which was last valued at £19.4m, was part of 3i’s initial seed portfolio at the time of its IPO in 2007. The infrastructure fund said that the proceeds from the divestment will be ploughed back into the European infrastructure market.