(Sharecast News) - Private equity and venture capital company 3i Group reported an increase in its net asset value per share to 877p in the third quarter on Thursday, up from 873p in the prior quarter.
The FTSE 100 firm said that was despite a £314m negative translation effect of sterling strengthening in the quarter, with the company's total return standing at 10.1% for the nine months to 31 December.
It said it saw "very strong" growth in the period from its Action investment, which it said drove a decent result from the private equity portfolio.
The company's private equity division generated cash proceeds of £189min the quarter, primarily from the partial divestment of Basic-Fit and distributions from Audley Travel and Hans Anders.
It also highlighted the signing of the disposal of Aspen Pumps at an overall money multiple of 4.1x, and a 34% internal rate of return.
3i completed two new private equity investments in Evernex and a bioprocessing platform, and four further bolt-on acquisitions for ICE, Formel D, WP and Q Holding.
The board described "another strong quarter" from its infrastructure team, with the "highly accretive" sale of Wireless Infrastructure Group out of 3i Infrastructure, and further rail investment in North America.
It also noted a transaction to provide liquidity to Eurofund V investors from the sale of their holding in Action, which successfully closed on 17 January.
"This was a very busy quarter for the 3i team," said chief executive Simon Borrows.
"We executed two outstanding realisations in the sale of Aspen Pumps from our private equity portfolio and WIG from 3i Infrastructure."
Borrows noted that new investment and bolt-on activity had continued across both portfolios, as had refinancing activity.
"And, importantly, we successfully provided liquidity to the Eurofund V investors in Action while the company has continued to drive sector-leading sales and profit growth as it expands across Europe."
At 0808 GMT, shares in 3i Group were down 0.85% at 1,102.5p.
3i Group (III)13 Jun 2024 16:15
