3i sells stake in Infrastructure

Listed private equity firm 3i has reduced its stake in its infrastructure fund to a third after selling 77 million shares. The placing raised £61m towards the £2bn debt pile the investor has accrued; half of which is due in the next three years.

3i's infrastructure has been in the news lately over its interest in Gatwick airport, which it was eyeing up along with the Ontario Teachers' Pension Plan and Canada Pension Plan. Earlier this week the consortium was reported to have backed off.

Separately, 3i is expected to close an infrastructure deal in India worth more than $100m by the end of this month, according to reports. 3i raised $1.2bn for infrastructure investment in April 2008. The fund has already put a quarter of the money to work. Citigroup Global Markets UK and JPMorgan Cazenove acted as bookrunners on the placing.

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• Infrastructure
• UK / Ireland