Friday, 21 October 2016
Last updated 39 min ago
Sep 20 2010 | 9:41am ET
Private equity firm 3i Group is reorganizing for the future—and top buyout dealmaker Jonathan Russell isn’t a part of it.
The London-based firm said that Russell had resigned as managing partner of buyouts. Russell’s buyout division will be merged with 3i’s growth capital business to form a single private-equity unit. 3i also has an infrastructure division, and is considering launching a debt management business.
“The decision to merge the two business lines and run the private-equity business on a regional model reflects the evolution of the private equity market,” the firm said. “These two activities have increasingly converged in terms of their investment process and the nature of the investors they attract.”
Russell has worked at 3i for 24 years and served on its management and investment committees. His exit follows that in July of Chairwoman Sarah Hogg.
“Having transformed our financial position and improved our performance, we are now organizing the business for growth,” CEO Michael Queen said.