3i, the former powerhouse of Europe’s venture capital industry, is abandoning early-stage investing in start-up companies, its worst-performing activity since the technology bubble burst, to focus on buy-outs, growth capital and infrastructure, 3i chief executive Philip Yea told the FT. The move underlines the woeful state of European venture capital, which has underperformed other parts of the buy-out market. 3i’s decision to fold the late-stage arm of its VC division into its growth capital unit also illustrates the depth of its own transformation since early 2000. Read more about 3i’s new strategy here.
