3i aims to raise a renminbi-denominated fund to invest in Chinese private equity in an ambitious two-year expansion plan outlined by the group’s chief executive.
Michael Queen, who took over at 3i in early 2009, said the group aimed to build on its track record in Asia by joining the growing number of western private equity groups rushing to raise renminbi funds.
“Investors are looking for regionally focused funds to invest in,” said Mr Queen. “They want to invest in China, in India and in Europe. So over the next 18 to 24 months we plan to raise a European private equity fund, a Chinese renminbi fund and a second Indian infrastructure fund.”
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