Edward Bramson's investment vehicle Sherborne has lifted its stake in 3i to 5%, five months on from first building a position in the private equity firm.
In a note issued this morning Sherborne said it has increased its holding to 47.5m shares, which it has acquired for £127m, representing a 4.9% stake in the company. Bramson's Sherborne raised £200m last year for a fund it said will invest in an unspecified "undervalued" listed company, a move 3i flagged when Bramson first bought into the firm in January. Sherborne has been tight-lipped over its plans for the stake, but the latest increase comes after a significant recovery in 3i shares following a difficult couple of years for the sector. Shares are up 53% year to date as investor...
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