3i Buys Mizuho Debt Management Business

Sep 27 2010 | 12:43pm ET

The transformation of private equity firm 3i Group continued today with the London-based firm’s acquisition of Mizuho Financial Group’s debt-management unit.

3i agreed to pay £18.3 million for Mizuho Investment Management (U.K.), which will become 3i Debt Management. The Mizuho unit manages some £3.7 billion in corporate debt.

MIM CEO Jeremy Ghose will join 3i as CEO of the new debt group and as a member of its leadership team. He brings along with him 27 other staffers and eight funds. 3i will own a 55% stake in the Debt Management business, while Ghose, other MIM managers and 3i’s own existing debt team—which manages about £270 million—owning the rest.

“Today’s acquisition builds upon our debt management capabilities and reinforces our strategy of growing 3i in areas consistent with our investment expertise,” 3i CEO Michael Queen said. “There is an excellent cultural fit with 3i and the expanded business will create an enhanced debt platform to grow profitably into the future.”

Just last week, 3i announced it had restructured its private equity business, merging its buyout and growth capital businesses. Buyouts chief Jonathan Russell left the firm as part of the rejiggering.


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Maglan Capital: Some Lessons Learned From Puerto Rico

Jul 13 2017 | 8:00pm ET

Although Maglan Capital has not been invested in Puerto Rico for more than three...

 

From the current issue of