3i has deferred the issue of perpetual preferred securities worth £300m (€477m), claiming market conditions are unfavourable, but says it is making good progress raising €3bn in what is thought to be the largest fundraising currently underway in Europe.

The £300m of bonds would have added to 3i's capital for investment in private equity. 3i, an international venture capital company, believes the investment opportunities are still there, but that the bond issue would be better off left until the credit market's appetite improves.