The latest deal from 3i is an odd one and perforce a bit of a mixed bag. The venture capital group is creating a new fund with commitments of £700 million, and putting in £36 million of its own cash, to acquire four infrastructure assets. These are Belfast City airport, East Surrey Pipelines, a gas and electricity utility, a stake in an Italian waste treatment and disposal company, and four transport concessions in Spain.
The assets are the remaining ones in the Eiser Global Infastructure Fund, managed by Eiser Finance. The assets will transfer across to the new vehicle; the two biggest investors in the fund, two European pension funds, will remain, while the others, the usual collection of institutions, will be given the opportunity