(ShareCast News) - First half net asset value at private equity firm 3i rose 12% to 401p in a market where it described investor confidence as "fragile" with the growth outlook in many parts of the world "uncertain".Total return on shareholders' funds fell to 4.4% from 7.1%, with operating profits falling to £168m from £244m."Our performance in the first half of our financial year was resilient. The market environment has been characterised by reduced investor confidence as a result of uncertainties in the Eurozone, the impact of depressed commodity prices and concerns about the growth outlook for China and other emerging markets," the company said."While we are not immune to these developments, we are seeing the benefit of the strategic decision to reduce our presence in Asia and South America and to focus on our core sectors in northern Europe and North America."3i said the the macro-economic and geo-political landscape continued to be "challenging and investor confidence is fragile"."The outlook for growth is uncertain in many parts of the world, including the Eurozone and China, and this is resulting in volatility across financial markets"Given this context, we will remain cautious and disciplined in our investment approach, and focused on enhancing the value of our portfolio of investments, while supporting the continued development of our fund management activity."