The quoted private equity group headed by the former ITV chairman Sir Peter Burt is to consider a fast-track flotation of a controversial media company fined last year for carrying "abhorrent" pornographic content.
Promethean Investments is expected to announce today that it is acquiring 4D Telecom in a deal valuing the business at 22m.
The private equity group is backing 4D Telecom's chief executive, David Lee, in a management buyout that will see the company renamed InterMediaActive.
Promethean in deal to buy porn-fine firm
Hargreaves Lansdown shares jumped more than 30pc - up 49 to 209p - on the financial services company's first day of trading, valuing it at just under 1bn.
Hargreaves Lansdown shares up 30pc on first day
The lines between public stock markets and private equity were blurred further as 3i, the listed private equity group, announced plans to float its newly-created fund for buying big stakes in other listed companies.
The initial public offering, due to be placed by June, aims to raise at least 400m, with 3i providing 45 per cent. 3i said the floated fund would raise as much again from debt on its own balance sheet to boost its spending firepower.
The listed vehicle would be the biggest of its type in Europe. Bruce Carnegie-Brown, managing partner of 3i Quoted Private Equity (QPE), said the fund was designed to expand private equity's reach on public markets.
3i plans to float stake-building fund
Vincent Lo, one of the best-known tycoons in Asian real estate, has chosen Londons junior Aim market to list China Central Properties, his fund that targets distressed assets across China.
The entrepreneur, chairman of CCP, is also the chairman of Hong Kong-based Shui On Construction and Materials. Socam is the lead investor in five property projects in Beijing, Dalian, Qingdao and Chengdu, thought to be worth about 150m ($298m), which will be used as seed assets for the new fund.
CCP aims to mop up some of the vast number of unfinished office and residential blocks, a common sight in Chinas cities, which have been abandoned by developers gone bankrupt. As the Chinese economy surged in the mid-1990s, companies of all kinds had invested in real estate, but in many cases were forced to abandon projects when the Chinese government clamped down on over-investment in the sector through administrative measures and more recently, by raising interest rates.
Vincent Lo to float Chinese fund on Aim