Phil White and Ben Loomes are to be appointed as co-managing partners of 3i Group’s infrastructure business, when current managing partner Cressida Hogg leaves the company at the end of March.
White and Loomes will be in charge of portfolio management and strategic development respectively. In addition, White will join 3i Group’s executive committee.
The business’s investment origination and fundraising activity will be led by Neil King, who will become senior partner and will also join 3i’s executive committee.
White joined 3i in 2007, and has 20 years of investment, advisory and financing experience, including from roles at Macquarie, WestLB and Barclays. He has overall responsibility for portfolio management activity. In this role he works closely with the management teams of the businesses in which 3i’s infrastructure business invests. He sits on the boards of a number of portfolio companies including Elenia, Eversholt and Oystercatcher’s oil storage companies.
Loomes is currently group strategy director and a member of 3i Group's executive committee and investment committee with experience across 3i’s private equity, infrastructure and debt management investment businesses. He is also a non-executive director of 3i Infrastructure plc.
Loomes joined 3i in 2012 and has been heavily involved in the transformation of 3i Group’s strategy following the strategic review in 2012. Prior to joining 3i, Loomes’ experience included mergers & acquisitions, financing advisory and restructuring, including from roles at Goldman Sachs, Greenhill and Morgan Stanley. In addition to his new role as co-managing partner of 3i’s infrastructure business, Loomes will continue in his existing role as group strategy director, but will step off 3i Infrastructure plc’s board of directors.
King joined 3i in 2005, bringing with him more than 15 years of experience in the infrastructure market, including roles at Innisfree, WestLB and Barclays. He has been involved in advising on most of the new deals completed by 3i’s Infrastructure business, including leading the investments into Eversholt, Elgin and Dalmore Capital.
Simon Borrows, 3i's chief executive, says: “Today’s announcement represents another important step in the development of our Infrastructure business. I am sorry to see Cressida leave our business and would like to thank her for her contribution over the years. Her departure provides an opportunity to promote a number of very talented individuals and, in doing so, bring further energy and focus to investment origination and business development.
“Phil, Neil and Ben bring together a wide range of complementary skills and experience, providing a strong combination of capabilities across origination, portfolio management and execution.
“It is a key strategic objective of 3i Group to further grow and develop its infrastructure business. In November last year, we announced the completion of our acquisition from Barclays of its European infrastructure fund management business. This acquisition increased our assets under management by approximately GBP780m to close to GBP2.4bn and broadened the capabilities and expertise of our investment team, expanding its access to the growing PPP and energy project market across Europe.
“The leadership changes announced today will bring a fresh impetus to the business and further underlines 3i’s commitment to the next stage of development of its Infrastructure platform.”
