Simon Borrows was named CEO of private equity and infrastructure manager 3i Group, the company announced Thursday.
Mr. Borrows replaces Michael Queen, who said in March he would step down.
Mr. Borrows will keep his previous duties as chief investment officer at 3i. He's also a member of the board at 3i Group, as well as at The British Land Co. and Inchcape.
Mr. Borrows' history with 3i stretches back to 1994 when was he was the lead adviser to 3i on its IPO; he was managing director at Baring Brothers International at the time.
In a webcast Thursday, Mr. Borrows said he was committed to the firm's three main business lines: private equity, infrastructure and debt management. He said he would reduce the costs of the group and reduce its debt.
Mr. Borrows was not available for an interview, according to spokesman Patrick Dunne.