3i Group, the listed investment firm, this morning posted results showing a return to form, with total returns for the year up from £255m to £1.7bn, or a 22 per cent return on opening shareholders funds.
In its private equity unit 3i did even better, with a gross return of £1.9bn for the year, or 30 per cent.
For the year to 31 March 2021 3i’s NAV per share was 947p.
That’s a rise of 12.5 per cent on this time last year.
The listed investment firm said many of its portfolio companies are “supported by structural growth trends and have either excelled during the pandemic” or they adapted very quickly to the changing circumstances.
Simon Borrows, 3i’s chief exec said of the results this morning:
“3i delivered a strong result in 2021 during a period of unprecedented uncertainty and disruption caused by the Covid-19 pandemic. This outcome was supported by the resilient performance of our Private Equity and Infrastructure portfolios, our strong balance sheet and the capabilities of our experienced team.
“We enter our new financial year in the knowledge that we have a high quality investment portfolio with broad exposure to sectors with strong underlying growth, as well as a net asset value grounded in ‘through the cycle’ valuation multiples, rather than reflecting some of the very high valuations we are witnessing in markets at present.
“We are also maintaining strong price discipline and avoiding the exuberance seen in many of today’s transactions as we add to our high-quality portfolio.”