London-listed 3i Group has completed its acquisition from Barclays of the Barclays Infrastructure Funds Management business, which has assets of around £780 million ($1.248 billion).

London-listed 3i Group has completed its acquisition from Barclays of the Barclays Infrastructure Funds Management business, which has assets of around £780 million ($1.248 billion).

The business manages two active unlisted funds that invest in UK and European public-private projects and energy projects, according to a statement by 3i today.

As a result of the purchase – financial details were not disclosed – the business will be renamed 3i BIFM Limited and be incorporated into 3i's existing infrastructure investment business led by managing partner Cressida Hogg. 3i BIFM's activities will continue to be led by Nigel Middleton and Andy Matthews who along with Stéphane Grandguillaume will join as partners in 3i's infrastructure business.

The 22-strong team will be based at 3i's offices in London and Paris.

“The completion of this acquisition represents a significant milestone in the implementation of 3i's strategy, demonstrating 3i's commitment to the growth of its infrastructure business and reaffirming its objective to increase third-party fee income by growing assets under management,” 3i said.

“3i intends to leverage the enhanced platform to bring incremental deal flow to 3i Infrastructure plc and raise new funds. The acquisition will broaden the capabilities and expertise of 3i's infrastructure investment team, expanding its access to the growing PPP and energy project market across Europe,” it added.