As a prominent industry figure, the appointment of Mr Russell is a major step forward in 3i's ambition to become the leading private equity player in the European gas & power market.
Mr Russell (54), brings a wealth of experience and knowledge of the energy and finance market to 3i having worked in the sector for more than 13 years.
His broad remit will cover the identification, analysis and execution of deals in the sector, with the intention then being for him to chair several of these opportunities where appropriate.
Mr Russell joined Scottish Power in 1994 as finance director and was promoted to CEO in 2001. Mr Russell graduated with a Bachelor of Commerce from the University of Edinburgh and is member of the Institute of Chartered Accountants of Scotland. He previously worked with HSBC in the UK and Hong Kong. Mr Russell was recently awarded a CBE for his work in the voluntary sector.
3i's Oil, Gas & Power team manages an investment portfolio with a value of $1bn across the UK, Norway, USA and Singapore. The current portfolio includes EDP, an oilfield development project manager and Noreco, a Norwegian independent exploration and production company. Successful realisations include Petrofac, the international oil and gas facilities service provider, which floated in October 2005; Revus Energy, the independent Norwegian upstream company, which floated in June 2005; and CH4 Energy, a leading exploration and production company, which was acquired by Venture Production plc in August 2006. Other previous portfolio companies include Wood Group and Venture Production.
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