30th Jan 2014 09:43
LONDON (Alliance News) - Private equity company 3i Group PLC Thursday said its portfolio was continuing to perform well, driven by its larger investments, with returns less diluted as it cut its costs and debt.
In a trading update, the company said it realised a further GBP29 million in proceeds in the three months to end-December, bringing the total to GBP557 million for the first nine months of its fiscal year, up 35% on the same period a year earlier.
It said recent strengthening of its private equity and debt investment teams had helped it return to a "good level" of investment activity, and it completed four major investments in its private equity business in the quarter.
In total, it invested GBP322 million on behalf of shareholders and investors in the quarter, up from just GBP14 million a year earlier.
3i's diluted net asset value per share rose 3% to 333 pence as at December 31.
Assets under management rose to GBP12.9 billion, from GBP11.8 billion at the end of September, buoyed by activity in infrastructure and debt management.
Its investment activity in the quarter was as follows:
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| Proprietary and |
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| Proprietary | third-party |
Investment | Business line | Description | capital | capital |
Scandlines | Private Equity | Ferry operator in the Baltic sea | £76m | £137m |
GIF | Private Equity | German headquartered international transmission testing specialist |
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Basic-Fit | Private Equity | Discount fitness operator in Europe |
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JMJ | Private Equity | Global management consultancy |
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3i shares were down 0.3% at 374.85 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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