3i Group Share News (III)

Despite its continuing concern about Europe's economic and political environment and full pricing, private equity investor 3i group enjoyed a busy final quarter of the year and said its portfolio remains well positioned and continues to perform strongly.The private equity portfolio lifted value weighted earnings growth 15% over the last 12 months and the strong value growth this portfolio in particular led to an unaudited total return of £162m for the quarter or 5% on opening shareholders' funds.Diluted net asset value (NAV) per share at 31 December of 375p was up 5% from the end of September, although after accounting for the interim dividend the diluted NAV per share was 369p on a pro-forma basis.The FTSE 100 group received £245m of cash proceeds from realisations in the three months to the end of the calendar year thanks to helpful market conditions and "readily available" debt.It invested £275m, £200m of which was proprietary capital, into two major new investments.Christ, a German headquartered jeweller, received a £173m investment, while £102m was pumped into Q Holdings, US-based rubber and silicone components manufacturer.The Debt Management investment arm, which invest in senior and mezzanine corporate debt in typically large and private companies in UK, Europe and North America, closed a new collateralised debt obligation (CLO) in Europe and the US and also secured a first close of the European Middle Market Loan Fund.The Infrastructure team, which sold its Eversholt Rail investment, advised on two new public private partnership (PPP) investments in the period was said to be pursuing "a number" of new core investment opportunities despite this week suggesting full prices meant finding new opportunities was tough enough to consider altering its investment strategy. "The final quarter of 2014 was busy for 3i and all three of the Group's businesses continued to perform well," said chief executive Simon Borrows.He added: "The wider European economic and political environment continues to be a concern, but our portfolio remains well positioned and continues to perform strongly overall. Pricing in Europe in particular remains very full and, although keen to invest, we remain cautious and will continue to be an active seller of investments while this environment persists."