3i Infrastructure, the sister company of listed private equity firm 3i, has said its net asset value per share rose by 3% in 2008, indicating that the infrastructure sector was able to perform despite the wider economic environment.
Over the year, the firm invested 114.7 million (€130.5 million) in five junior debt instruments issued by infrastructure businesses, which will yield 20% on a weighted average basis, based on current value.
As at the end of March 3i Infrastructure has what it sees as a strong balance sheet position, with 387 million (€440 million) in cash reserves.
Peter Sedgwick, chairman of 3i Infrastructure, believes that the firm is in a good position to take advantage of investments going forward. He said, “With the number and strength of competitors significantly affected by the ongoing financial crisis, the board believes that the market opportunity is attractive, despite macro and financial headwinds.”
For the year to 31 March 2009, NAV was 111.9 pence while total return was 73.2 million (€83.2 million).
The firm values its portfolio at 536.7 million (€610.7 million).
D.C.