Paul Waller, a member of the executive committee at private equity firm 3i Group, is set to retire from the firm at the end of the year, marking the latest in a series of generational changes among the UK’s largest private equity firms.

Waller, who had been at 3i since 1978 and had been a member of firm's executive committee for 13 years, currently holds the role of managing partner, fund management, and had overseen responsibility for managing funds raised, as well as leading 3i's fundraising activities, according to the firm's website. 3i confirmed the departure.