3i, the listed private equity group, is negotiating the sale of its quoted asset management arm and the mandate to manage its £270m (€405m) pension fund.

The group also confirmed that it had held a €3bn final close on Eurofund IV, the buy-out fund it launched in May 2002. The fund raised €880m from third party investors, a significant shortfall from its original target of raising €1.5bn from third parties.