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3i reduces net debt to GBP854m

Private equity firm 3i reduced its net from GBP1.9bn at 31 March 2009 to GBP854m at 30 September 2009.

It also reduced its gearing from 103 per cent at 31 March 2009 to 31 per cent at 30 September 2009.

Realisations exceeded investment by GBP317m during the six months to 30 September, further strengthening its balance sheet.

A total of 33 per cent of the opening non-core portfolio by value was realised and sales were agreed on a further 16 per cent during the period.
3i’s liquidity increased by GBP1.0bn to GBP2.0bn, providing greater capacity to invest in the upturn.
The company’s total assets under management at 30 September were GBP7,225m, while its net asset value was GBP2,746m and its diluted net asset value per ordinary share was GBP2.86.

Michael Queen (pictured), chief executive, says: "With our shareholders’ support, we have transformed our financial position. We remain cautious about the economy but confident in the strength of our portfolio and business model. 3i is ready for the upturn.”

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