3i starts internal rejig

3i's decision to create an integrated private equity business by merging its buyout and growth capital units has paved the way for the departure of long-standing buyouts chief Jonathan Russell.There'll now be two business lines - Infrastructure and Private Equity - and expansion into other areas such as debt management is also on the cards, as flagged at the year end."These two activities have increasingly converged in terms of their investment process and the nature of the investors they attract," explained the firm. "It therefore makes sense to run them as a single unit with a more regional focus. The move to a more regionally focussed private equity business will start immediately."But it means managing partner of buyouts Jonathan Russell is on his way out after more than 24 years at the company. "This is a logical step and one which we think will make us even more effective in the market," said chief executive Michael Queen.