3i generates £654m from PE realisations in H1

The results also reveal the group increased its net asset value by 19% over the course of six months, up from 463 pence per share in March 2016 to 551 pence.

In a statement accompanying the results, the firm said it had benefited from the foreign exchange landscape resulting from UK’s vote to leave the European Union. The group highlighted that 70% of its assets' revenues were generated in euros and US dollars.

The group saw its private equity activity provide a gross investment return of £989m, with the net proceeds representing a money multiple of 2.3x.

Recent exits by 3i include the listing of Amsterdam-based fitness group Basic-Fit and the sale of UK baby bottle manufacturer Mayborn Group to Chinese trade buyer Shanghai Jahwa, which generated returns of £135m.

However, the listed GP cited a £39m write-down of its investment in Agent Provocateur, exposure to capex in the oil and gas sector and exposure to discretionary consumer spending, as weak points in its portfolio.

Overall, 3i returned a total of £1bn during the period and made two private equity investments totalling £291m. These included the £185m acquisition of the landfill gas division of British alternative energy company Infinis Energy from Terra Firma, and a £133m investment in the take-private of Danish furniture brand BoConcept.

Other factors generating the strong results include the £222m sale of 3iDM, its debt management business, to Investcorp.

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