3i promotes three to partner

The promotions come roughly a week after the firm announced improved performance in its annual report.

3i has promoted three individuals to partner in three of the firm’s offices, according to a statement.

Xavier de Prevoisin has been named a partner in 3i’s Paris office. He joined the firm in 2000 to work on the portfolio development team and transitioned to the private equity team in 2003, where he primarily focuses on the European consumer, business services and industrial industries.

Richard Relyea is now a partner in the firm’s New York office, where he has worked on the industrial sector on the North American private equity team since 2007.

Pete Wilson was also promoted to a partner in 3i’s London office. He joined the firm in 2006 and focuses on originating and executing private equity investments and leads 3i’s activities in the UK business services sector.

3i also promoted Guillaum Basquin, Giovanna Maag and Olivier van Riet Paap to directors in the firm’s Paris, Frankfurt and Amsterdam offices, respectively.

3i deployed £276 million ($465 million; €339 million) in private equity capital last year, below its €500 million ($685 million; £407 million) target. The firm cited high valuations as an obstacle to investing the targeted amount, Private Equity International reported last week.

“We are very cautious about pricing. The four deals that we did this year, we bought at 8x EBITDA or less, which is testament to the fact that we found those deals away from competitive processes,” chief executive Simon Borrows said during a conference call last week.

3i has been cutting costs and reduced its outgoings by £70 million last year as part of its ongoing restructuring efforts. The firm exceeded its cost reduction target during 2013 by £10 million. A small proportion of the cost-savings came from reducing headcount and closing office space, Borrows said during the call.