Private equity group 3i has completed the acquisition of Barclays Banks’ European infrastructure business.

Barclays Infrastructure Funds Management currently manages two active unlisted funds that invest in UK and European PPP and energy projects and has assets under management of approximately £780 million.

The business will be renamed ‘3i BIFM’ and will be integrated into 3i’s existing infrastructure investment business led by managing partner Cressida Hogg.

3i said that 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-member team will be based at 3i’s offices in London and Paris.

In a statement, 3i group said: "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 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."