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The Group’s equity, fixed income and loan investments total £3,939 million at 31 March 2003.
Portfolio value by geography (including co-investment funds) (£m)  
2003
2002
2001
2000
1999
UK   3,041   4,018   4,792   5,240   4,565
Continental Europe   1,773   1,984   2,039   1,514   882
US   182   270   246   192   14
Asia Pacific   101   101   98   64   12
Total   5,097   6,373   7,175   7,010   5,473
                     
Portfolio value by geography (3i only – excluding co-investment funds) (£m)                    
UK   2,494   3,386   4,121   4,668   4,036
Continental Europe   1,175   1,373   1,363   1,049   495
US   180   264   235   190   14
Asia Pacific   90   86   86   63   12
Total   3,939   5,109   5,805   5,970   4,557
                     
Continental European portfolio value (£m)                    
Benelux   101   78   92   59   2
France   186   253   254   203   173
Germany/Austria/Switzerland   319   385   556   533   196
Ireland   8   18   45   28   –
Italy   69   103   142   71   44
Nordic   273   304   26   6   –
Spain   211   222   234   135   80
Other European †   8   10   14   14   –
Total   1,175   1,373   1,363   1,049   495
† Other European includes investments in countries where 3i did not have an office at the year end.
                     
Portfolio value by product (£m)                    
Buy-outs   2,001   2,253   2,338   2,622   2,372
Growth capital   1,349   1,814   2,099   2,357   1,735
Early stage technology   589   1,042   1,368   991   450
Total   3,939   5,109   5,805   5,970   4,557
                     
Portfolio value by FTSE industrial classification (£m)                    
Resources   186   268   232   185   176
Industrials   944   1,117   1,081   1,247   1,258
Consumer goods   873   1,080   1,237   1,138   952
Services and utilities   1,018   1,318   1,538   1,648   1,559
Financials   274   273   256   251   196
Information technology   644   1,053   1,461   1,501   416
Total   3,939   5,109   5,805   5,970   4,557
                     
Portfolio value by valuation method (£m)                    
Imminent sale or IPO   37   51   106   241   88
Listed   187   413   818   1,103   742
Secondary market   30   89   266   483   75
Earnings   938   1,210   1,033   1,226   1,192
Cost   607   1,077   1,078   626   404
Further advance   155   186   244   143   38
Net assets   139   132   147   144   113
Other   282   219   157   119   82
Loan investments and fixed income shares   1,564   1,732   1,956   1,885   1,823
Total   3,939   5,109   5,805   5,970   4,557
                     
Buy-out portfolio value by valuation method (£m)                    
Imminent sale or IPO   12   14   30   33   47
Listed   67   144   279   573   382
Secondary market   7   15   23   21   14
Earnings   536   635   551   649   608
Cost   149   132   130   100   81
Net assets   40   36   32   45   36
Other   115   90   43   19   16
Loan investments and fixed income shares   1,075   1,187   1,250   1,182   1,188
Total   2,001   2,253   2,338   2,622   2,372
                     
Growth capital portfolio value by valuation method (£m)                    
Imminent sale or IPO   14   28   32   44   23
Listed   120   269   539   530   360
Secondary market   23   74   243   462   61
Earnings   377   544   442   511   526
Cost   187   234   134   102   109
Further advance   42   26   22   –   –
Net assets   98   88   114   98   75
Other   69   96   43   72   60
Loan investments and fixed income shares   419   455   530   538   521
Total   1,349   1,814   2,099   2,357   1,735
                     
Early stage technology portfolio value by valuation method (£m)                    
Imminent sale or IPO   11   9   44   164   18
Earnings   25   31   40   66   58
Cost   271   711   814   424   214
Further advance   113   160   222   143   38
Net assets   1   8   1   1   2
Other   98   33   71   28   6
Loan investments and fixed income shares   70   90   176   165   114
Total   589   1,042   1,368   991   450
                     
Portfolio value by valuation method (£m)                    
Early stage   589   1,042   1,368   991   450
Late stage                    
Quoted   103   290   723   1,074   329
Buy-outs   294   214   231   312   193
Growth capital   250   170   7   2   2
    674   674   961   1,388   524
Total   1,236   1,716   2,329   2,379   974
The early stage portfolio comprises investments in immature businesses which typically require further funding. The late stage portfolio comprises investments in more mature, typically self funding businesses, including investments made by way of buy-outs and growth capital.
                     
Early stage technology portfolio value by sector (£m)                    
Healthcare   195   288   237   181   116
Communications   112   185   264   223   89
Electronics, semiconductors and advanced technologies   72   139   140   166   86
Software   210   430   727   421   159
Total   589   1,042   1,368   991   450