3i Group said on Friday that Jonathan Russell, one of its star dealmakers, is quitting the firm amid an organisational shakeup intended to position the business to grow following changes in the private equity industry.

The UK-based investment company, that suffered during the financial crisis, will combine its buyout and growth capital operations to form one integrated private equity business. As a result, it will have two distinct business lines, infrastructure and private equity. Management is also considering expanding into adjacent areas such as debt management as previously flagged.