Private equity and infrastructure investment firm 3i Group plc delivered a strong investment performance over the first half to 30 September, helped by solid gains from long-term hold asset, Action.
Total returns were £3.29bn over the six-month period, equal to 13% on opening shareholders' funds, compared with £2.05bn and 10% the year before, respectively.
Net asset value per share increased to 2,857p, up from 2,542p six months earlier, helped by a 78p-per-share gain from FX movements compared with a 48p-per-share loss last year.
European non-food discounter Action, in which 3i now owns a 62.3% stake following further equity purchases in September and October, has seen continued operational growth this year, with net sales at the Netherlands-based retailer up 17% year-on-year at €11.2bn over the first nine months of 2025.
Action represented a £21.5bn carrying value for 3i by 30 September, up from £17.8bn six months earlier. That helped increase the total carrying value of its private equity portfolio to £27.2bn from £23.6bn.
"Action continued to trade strongly, and several of our other large portfolio companies are showing good momentum against a challenging macroeconomic and geopolitical backdrop across Europe and the US," 3i said in a statement.
Results were also helped by the realisation of 3i's investment in pet food maker MPM after a five-year investment, generating proceeds of £395m - an 18% uplift on its valuation in March.
Since the period end, 3i also announced an agreement to sell its stake in software firm MAIT after four years, generation proceeds of £147m - up 34% from March.
Looking ahead, chief executive Simon Borrows said that the transaction market and the wider environment "are likely to remain challenging into the second half of our financial year".