3i Says Goodbye to Boston

3i Group is closing up shop in Boston (actually Waltham), as part of its continuing move away from early-stage investing in the U.S. The firm will continue to make later-stage venture deals out of its recently-consolidated Silicon Valley office, plus growth equity transactions from New York.

The Boston office dissolution began when Allan Ferguson retired last year, thus leaving just two partners in the Bay State. That was effectively cut to one when Peter Bollier announced his retirement, and Marko Maschek soon began passing out his resume around town (he’s still job-hunting). The office will be manned/wound down through at least year-end by director David Shapiro. Fellow director Shawn Brownlee has agreed to open a Boston-area venture office for Spanish private equity firm Nauta Capital.

3i spokeswoman Rachel Richards said that the office-closure decision came after an internal analysis showed that few of its VC portfolio companies were based in the Greater Boston area. In a recent quarterly report – which briefly mentioned the office closure – 3i said that its current “preference is to lead or co-lead investments, and invest in companies with significant growth potential, disruptive technologies and strong management.”