3i on track with restructuring plan

In its latest quarterly statement, the fund manager says its private equity performance has improved, while infrastructure and debt management continued to contribute to returns.

It will pay a dividend of 2.7p per share, the same level as last year, while NAV per share has slipped slightly to 273p since 31 March 2012.

Net debt fell by £38m to £493m, however portfolio value also fell, from £3.4bn in Q1 to £3.1bn, meaning overall gearing remained level at 19%.

Investments and realisations were subdued over the past six months, with £138m worth of investments and £268m of realisations. This is down from £448m and £532m respectively in the previous six month period. 3i says difficult economic conditions have hampered M&A activity.

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