3i raises money for debt fund

 
Michael Bow
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THE UK’s oldest private equity firm 3i Group yesterday said it had raised a $500m (£331m) collateralised debt obligation (CLO) fund, the latest push by the group into debt management.

The company is currently in the midst of a strategic overhaul, led by chief executive Simon Borrows, in a bid to put more emphasis on infrastructure and debt funds.

Yesterday it said the Jamestown CLO II fund, which will refinance an existing US corporate debt and senior secured loan funds, had successfully been raised.

This is the second fund raised by 3i since setting up its US debt management platform last August. 3i Debt Management has around £5.1bn of assets.