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Portfolio value by product (£m) as at 30 September 2003
1 Buy-outs* 2,131
2 Growth capital* 1,331
3 Early stage technology 544
Total 4,006
   
*Buy-outs and growth capital include a total of £723 million in late stage technology companies. See Portfolio analysis for further information.




3i’s buy-out business is focused on the mid and smaller buy-out markets across Europe and Asia Pacific.

As with mergers and acquisitions activity, buy-out activity has shown an increase since the summer of 2003.

“After a slow start to the period, we have made attractive new investments such as Gant and expect second half buy-out investment to be higher than the first half.”


Jonathan Russell
Director – Buy-outs




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Our growth capital business supports high growth businesses expanding organically or through acquisition.

We expect to see increased demand as companies return to growth agendas.

“On the back of a strong performance from our growth capital business in the first half, our focus is to capitalise on our market access and increase the level of new investment.”

Chris Rowlands
Director – Growth Capital


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3i’s early stage technology business is focused on Healthcare, Software, Communications and Electronics in Europe, Asia Pacific and the US.

After three difficult years, the markets for some of these sectors are showing signs of picking up, together with mergers and acquisitions and IPO activity.

“The improvement in our performance is encouraging. We are now starting to see increased levels of technology spending by major corporates, which is feeding through to increased activity in our own portfolio.”

Rod Perry
Director – Technology



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