Helix Associates, the fundraising agent, is set to be appointed to raise a new fund for ex-3i directors Tom Sweet-Escott, Richard Campin, Chris Graham and Hugh Richards.

The fund, which aims to attract £400m (€583m), should hit the market by the end of February or early March with a view to completing within the first half of 2004. Helix is currently conducting due diligence. The bulk of the money is expected to come from UK, continental and US investors.