3i closes Dublin office

3i has announced the closure of its Dublin office, a move seen as indicative of the condition of the European venture capital market. The closure was brought about by slower than expected development of the Irish private equity market. Clive Austin, head of 3i's Irish operations blamed the general economic slowdown, stating that there was insufficient activity to support a dedicated local presence. However, he expects further investment opportunities to arise as the market develops.

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• UK / Ireland