In 1999, 3i Group tabled a £1.2bn bid for Electra, a listed private equity rival that was undergoing a restructuring process in an effort to boost its flagging share price. Electra shunned the offer and 3i launched a hostile takeover bid, arguing that Electra’s plans could take up to five years to complete and, possibly, at the expense of shareholder value.

Although thwarted, the bid reflected the lofty ambitions of 3i, then a new FTSE 100 company that had traded at or above its net asset value since listing in 1994.