3i Group Share News (III)

Private equity house 3i spent much more money on investments and sold far less during the five months to the end of August, it revealed ahead of meetings with analysts and investors.The blue chip firm made investments of £257m during the period, up from £155m last year when the financial crisis was still raging. Buyouts accounted for £236m and growth capital £21m. There was also less activity on the sell side. Only £129m was realised through sales over the five months compared with £448m last time. Since the period end, another £23m has been pumped into French calibration services business Trescal, while the sale of Inspicio brought in £121m and Panreac £29m. "We have made good progress during the period in growing 3i," chief executive Michael Queen said. "The formal launch of our debt management business, following the acquisition of Mizuho Investment Management, gives us three platforms for growth, private equity, infrastructure and debt management."Results for the six months ending 30 September are due on 11 November.