3i Group portfolio paying off
PRIVATE equity firm 3i Group said its deal pipeline was picking up as the global economy improved.
Chief executive Michael Queen said the company was enjoying a “stable to improving earnings performance”.
The firm said it invested £105million, up from £76million, for the first quarter to June. Its biggest investment was £35million in French healthcare business Vedici.
Realisations from divestments fell from £163million to £79million with the biggest being £29million raised from the sale of fund management support firm Kneip. However, 3i pointed out the disposal figures did not include the £450million sale of the commodities testing arm of Inspicio.
Chairwoman Baroness Hogg said: “A diversified portfolio and presence in several key regions of the world should work to 3i’s advantage.” The shares rose 9½p to 272½p. At the end of its last financial year in March, 3i valued its portfolio at 321p a share, a rise of 15 per cent.
Hogg stood down at yesterday’s annual meeting. She is being replaced by Sir Adrian Montague, the former chairman of Friends Provident.