£2.1bn 3i busy in stake-buying

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That is the message from the granddaddy of the UK private equity scene, 3i, which today said it is on track to hit its annual target of 20% returns - profits from sales of investments and dividend income as a proportion of total investment portfolio valuation - and reported a 60% increase to £2.1 billion in its investments in the 11 months to end-February.

"We are still seeing good growth opportunities especially in our growth capital business in which we take minority interests in businesses," said finance director Simon Ball. "We have been a significant net investor in businesses which may have previously been looking to sell the business wholesale but which are now looking for minority investors who might be able to help."

3i cashed in investments to the tune of £1.6 million in the 11 months, down 16% on 2006.