3i pays £18m for MIM

Private equity group 3i has paid £18.3m to Mizuho Corporate Bank for its debt management business Mizuho Investment Management (MIM)

Mizuho Investment Management specialises in the management of funds raised to invest in corporate debt, providing investment advisory services in return for fees.

MIM has raised eight funds, totalling over £4bn, since 2005 and had £3.7bn assets under management at 31 March last year.

3i said in a statement: "MIM has a high quality loan portfolio and an established fund raising track record with a diverse investor base."

3i's existing debt management activities will be merged with MIM to form a distinct business line, 3i Debt Management, with assets under management of around £4bn.

Jeremy Ghose, chief executive of MIM, will become managing partner and chief executive of 3i debt management and will join 3i's leadership team.

Andrew Golding, 3i Partner and head of the banking team, will take the role of managing director.