3i pulls out of venture capital.
Investors Chronicle - magazine and web content, March, 2008
Later-stage financing to be new focus. Malar Velaigam
3i has pulled out of early-stage venture capital investments - its worst-performing sector since the collapse of the dot-com bubble in 2000. Its exposure to venture capital assets has reduced significantly with start-up investments representing only a tenth of its portfolio - from half in 2000. Chief executive Phillip Yea says there is more value in later-stage financing and the group will focus on buy-outs, growth capital and infrastructure.
3i is not the first to pull out of early-stage growth investment, but it was a significant player, and its withdrawal is yet another blow to confidence in smaller companies. This decision reflects a more difficult environment for 3i whose shares are fairly priced at 826p.
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