Wisconsin sells 3i stake to Strategic Partners

3i Eurofund III raised €2.3bn in 1999 and invested into European mid-market companies, including Swiss transportation and service provider SR Technics.

The State of Wisconsin Investment Board has sold its stake in 3i Eurofund III to Strategic Partners Fund VI, according to a UK regulatory notice.

3i Eurofund III closed on €2.3 billion in 1999 and received commitments from La Caisse de dépôt et placement du Québec, the University of Texas Investment Management Company and Castle Private Equity, according to PEI’s Research and Analytics division.

The fund invested into minority and majority stakes in European mid-market companies such as Swiss transportation and logistics company SR Technics, according to its website. The fund has no remaining portfolio companies, according to a source familiar with the matter.

Wisconsin declined to disclose why it sold the 3i stake.

Strategic Partners bought the stake using capital from its Fund VI, which is currently in market. Fund VI had raised $1.5 billion toward its $3.5 billion target as of April. Formerly part of Credit Suisse, Strategic Partners was acquired by The Blackstone Group in August 2013. The firm declined to comment.

During its board meeting last month, Wisconsin revealed plans to sell a private equity portfolio that was valued at about $203 million as of 31 December 2013. The legacy portfolio includes 48 funds, although Wisconsin plans to exclude 14 funds managed by Brinson Partners from the sale.