3i Says It Will Focus on Selling Investments Amid High Prices

3i Group Plc, Britain’s oldest private-equity firm, said it will focus on selling investments to take advantage of high asset prices, while signaling concern about the economy in Europe.

3i reaped 245 million pounds ($371 million) from selling private-equity assets in its fiscal third quarter, the London-based company said on Thursday. That brought total proceeds in the nine months to Dec. 31 to 569 million pounds, compared with 557 million pounds in the year-earlier period.

“Mid-market private equity assets remain fully priced, particularly in Europe,” 3i said in the statement. “This has continued to provide us with the opportunity for realizations and refinancings, while we remain cautious in our assessment of new investment opportunities.”

Net asset value per share increased 5 percent to 375 pence at Dec. 31 from the end of the previous quarter.

“The wider European economic and political environment continues to be a concern, but our portfolio remains well-positioned,” 3i said.

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