EUROPE - 3i may sell venture portfolio to Coller and HarbourVest consortium

The other member of the consortium is UK venture capital firm DFJ Esprit, who will manage the holdings of the portfolio, while Coller and HarbourVest are to provide the capital.

The portfolio, which is said to comprise approximately 36 European venture capital investments with a focus on the technology and healthcare sectors, is reported to be valued at £250m.

In March, 3i's chief executive Michael Queen said the firm was planning to sell the venture portfolio in an effort to concentrate the business on buyouts and growth capital in mid-sized companies, though it also formed part of a wider objective to reduce the company's £2bn debt pile.

In an interim management statement released on 8 July relating to the three month period between 1 April and 30 June 2009, net debt was shown to have been reduced from £1.9bn to £961m. This was due to 3i's £732m rights issue launched in May, as well as the proceeds received from the sale of 3i QPE.

It has been reported that the 36 assets include mobile phone chip maker Icera and The Cloud, a wireless network operator. For the year ending 31 March 2009, the venture portfolio, which at the time consisted of 123 assets, was valued at £314m. Since then parts of it have been sold in the US and Germany. In April 2009, Germany's Cipio Partners acquired stakes in 10 IT, internet and cleantech companies.

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