Slaughters builds 3i links with new float

Slaughter and May is further reinforcing its relationship with private equity house 3i by advising on the proposed flotation of its latest vehicle.

In March the firm advised 3i on the flotation of its infrastructure fund, which raised £700m. Corporate partner Kathy Hughes, who is currently on maternity leave, led on that deal, while her colleague Martin Hattrel, who also worked on the infrastructure fund, is leading the team working on the impending IPO.

The vehicle, 3i Quoted Private Equity (3i QPE), is a newly established closed-ended fund incorporated in Jersey. Hattrel said the aim is for the fund to list on the London Stock Exchange at the end of June or beginning of July.

The intention is to build a portfolio of small and medium-sized companies listed mainly in the UK and continental Europe. 3i QPE will aim to raise at least £400m through the placing, with the 3i Group contributing 45 per cent of that.

The investment adviser for the placing is 3i Investments, a subsidiary of the 3i Group, which is also being advised by Slaughter and May.

ABN Amro Rothschild, which is being advised by a team led by Jonathan Baird at Freshfields Bruckhaus Deringer, is global co-ordinator, sponsor and underwriter.

While 3i Infrastructure raised £700m when it floated in March its most optimistic forecast had been £1.3bn.