3i Group plc, a multinational private equity and venture capital company headquartered in London, United Kingdom, is taking over the European infrastructure fund management business run by Barclays as part of a plan to boost fee income from public-private partnerships and energy investment projects.
The 3i Group said the deal would complement its existing business at 3i Infrastructure and help it to raise new funds and source new investment opportunities.
Barclays Infrastructure Funds Management Limited (BIFM) has around 780 million pounds (USD 1.2 billion) of assets under management and is run by an investment team based in London and Paris. Since its launch in 1996, the business has invested 1.7 billion pounds across six funds.
Financial terms of the proposed transaction were not disclosed but the annual asset management fees earned by BIFM are expected to cover its operating costs, 3i said.