3i Avoiding Oil and Gas, Commodities in `Challenging' Market

  • Chief Executive Borrows will prioritize price discipline
  • Company realized 403 million pounds in last three quarters

3i Group Plc, the U.K.’s largest publicly traded private-equity firm, said it has limited exposure to oil and gas, emerging markets and commodities, helping it avoid assets that have shown weakness in recent months.

3i invested 364 million pounds ($519 million) in the nine months through Dec. 31, while it realized 403 million pounds in proceeds from sales, the London-based company said in a statement Thursday. That excluded about 188 million pounds due from the sale of Element Materials Technology, the company said.

“We have a good level of planned realizations and an interesting pipeline of potential new investments, but we remain disciplined on price given the broader macroeconomic and market uncertainties,” Chief Executive Officer Simon Borrows said in the statement.

3i’s net asset value per share rose to 413 pence from 401 pence in the prior quarter. The firm had a total return of 7.4 percent. The company holds investments in Agent Provocateur Ltd. and Hobbs Ltd.

Shares have declined 5.1 percent in the last 12 months through Wednesday, giving 3i a market value of 4.28 billion pounds.

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