Sept. 28 (Bloomberg) -- 3i Group Plc, Britain’s biggest publicly-traded private equity firm, said it hired Rob Reynolds from Resource Europe Management Ltd. to run a new fund.
Reynolds was previously chief investment officer at Resource Europe, a manager of collateralized loan obligations, London-based 3i said in a statement today. He will report to Andrew Golding at 3i Debt Management.
The Credit Opportunity Fund targets investments in bonds, loans and floating-rate notes mainly in Europe. The fund has 50 million euros ($68 million) of seed capital from 3i Group and will open to other investors later, according to the statement.
3i Debt Management started its first credit fund in October 2007 to invest primarily in senior and junior secured loans. It delivered an annual return of 13.6 percent and reaped profit of 1.4 times when it was redeemed in March 2011, according to 3i.
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