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Growth capital is the key for 3i

Article Date:  Jan 29 2010

Private equity firm 3i Group made realisations of £275 million from growth capital investments in the six months to September 2009, more than four times what it generated from buy-outs.  

The firm's latest financial statement shows that buy-outs contributed only £62 million of the £507 million total made from exits during the period.

Highlights from the growth capital division include the $377 million (£235 million) IPO of Chinese department store chain PCD, after the firm invested $31 million in the business in 2005.

The firm invested £190 million in the half year to September, more than half of which (£111 million) was spent on buy-outs, compared with £62 million on growth capital.

Michael Queen, 3i’s chief executive, said: 'We start 2010 in a strong financial position, building on the performance of the previous quarter.  We have continued to see good realisations from the portfolio and the pipeline for new investment has strengthened.'

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