BANKING/FINANCE

The world’s largest private source of venture capital, 3i Investors in Industry Group in the United Kingdom, has moved another one of its subsidiaries into its Newport Beach offices to work with established companies that are seeking capital.

The subsidiary, 3i Capital, provides funds for growth, acquisitions, stock repurchases and leveraged buyouts. It is housed in the same Newport Center offices occupied by 3i Ventures, a sister company that risks capital on new and emerging companies.

“This is a significant move for 3i Capital,” said its chairman, Ivan M. Momtchiloff. “In the California area, there is a tremendous opportunity for growth financings.”

Its Newport Beach staff is led by John W. Ulrich, who left his post as president of Union Venture Corp. in Los Angeles to be 3i Capital’s senior vice president, and Lee R. McCracken, who quit Union Venture to join Ulrich as a vice president.

Since 1982, 3i Capital has invested $28 million in 25 U.S. companies out of its Boston office. 3i Ventures began U.S. operations in 1984 in Newport Beach and added a Boston office last year. 3i Ventures has invested $30 million in 40 U.S. companies.

The 3i Group was formed in 1945 by nine London and Scottish banks and by the Bank of England to stimulate the British economy and help with post-war recovery efforts.