£350m paves way to new 3i deals

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3i has extended its revolving credit facilities to 2012 as it prepares the ground for new deals, securing £350 million in the form of two new credit facilities. But figures on its investments and realisations in the five months to August highlight just how tough the private-equity world is finding the recession. Starved of bank financing for deals and faced with declining valuations on investee companies, business has all-but dried up in the sector.

3i chief executive Michael Queen said: "Despite the recent strong performance of equity markets, the economic outlook is still fragile and private equity and mergers and acquisitions markets remain subdued."

The firm spent £155 million on new investments in the spring and summer against £622 million in the same period a year earlier. It sold out of investments totalling £448 million compared with £560 million.