3i US head resigns

Martin Gagen, managing director of 3i’s US operation, has resigned from the executive board with immediate effect.

Allan Ferguson has been appointed the new head of the global private equity firm’s US operation, replacing Martin Gagen, who resigned with effect from today.

British-born Gagen joined 3i in 1983. He was based at the firm's Menlo Park, California office.

3i has issued a statement saying that Gagen is leaving to take up a place at Stanford University in September. Gagen is quoted as saying: “I have thoroughly enjoyed my time at 3i, especially the latter period in establishing our business in the US. 3i has the opportunity to grow further in the US and in Asia Pacific.”

Gagen will be replaced by Allan Ferguson, who joined the firm in 1986 and helped set up 3i’s US operation in 1999. Prior to joining 3i, Ferguson was a managing partner of California-based Aspen Ventures  and a general partner at Boston-based Atlas Venture. He sits on the board of the National Venture Capital Association (NVCA) since 2002 and serves as chairman of its Research Committee. Ferguson is based at 3i’s Waltham, Massachusetts office.

Ferguson will report directly to London-based Rod Perry, executive director for 3i Group’s venture capital business worldwide. Chris Rowlands, a member of 3i’s Executive Committee responsible for growth capital who is also London-based, will take over responsibility for Asia Pacific.

In May, the firm appointed Philip Yea as the new chief executive of the group, the first outsider to take up that position. Yea paid tribute to Gagen, saying: “Martin has done a great job establishing 3i’s presence in the US and in developing our business in Asia Pacific.”

Since its inception in the US in 1999, 3i has invested more than $500 million (€406 million) in over 80 companies.