3i Group plc

Annual report and accounts 2024 highlights


Our purpose

We generate attractive returns for our shareholders and co-investors by investing in private equity and infrastructure assets.

As proprietary capital investors we have a long-term, responsible approach. 

We aim to compound value through thoughtful origination, disciplined investment and active management of our assets, driving sustainable growth in our investment companies.

Annual report download centre

Download Full Annual report

Driving resilient growth in our portfolio companies

Our strong result in FY2024 reflects another year of thoughtful and careful allocation of capital and active asset management of our portfolio companies.

David Hutchinson Chairman Sustainable Growth

David Hutchison


Performance highlights

  • 2,085 p

    NAV per share

    (31 March 2023: 1,745p)

  • 23 %

    Total return on equity

    (2023: 36%)

  • 61.0 p

    Dividend per share

    (2023: 53.0p)

Download Chair's Statement

3i delivered another strong result

The power of Action’s compounding growth coupled with several other strongly performing portfolio companies underpins both our FY2024 result, and our conviction in allocating capital into existing “winners”.

Simon Borrows - Chief Executive

Simon Borrows

Chief Executive

Key highlights

  • £3,839 m

    Total return on shareholders’ funds

    (2023: £4,585m)

  • £467 m

    Operating cash profit

    (2023: £364m)

  • 71 %

    Total shareholder return

    (2023: 27%)

Download Chief Executive's Statement

At a glance

3i is an investment company specialising in Private Equity and Infrastructure. We invest in mid-market companies headquartered in Europe and North America.

  • 3i Group investment portfolio value

    as at 31 March 2024

    £ 21.6 bn

    (2023: £18.4bn)

  • Total assets under management

    as at 31 March 2024

    £ 34.7 bn

    (2023: £29.9bn)

Private Equity






Private Equity






Private Equity

What we do

Our Private Equity business is funded principally from our proprietary capital, with some funding from co-investors for selected assets. Its principal focus is to generate attractive capital returns.

Our teams invest in the following sectors:

  • 2029 Consumer
  • 2030 Healthcare
  • 2027 Industrial Technology
  • 2028 Services
  • Untitled 5 Software


What we do

Our Infrastructure business manages assets on behalf of third-party investors and 3i’s proprietary capital, with the objective of generating attractive capital returns and earning fund management fees and portfolio income for the Group.

Our teams invest in the following sectors:

  • 6 2 Communications
  • 10 2 Utilities
  • 8 11 Social Infrastructure
  • 2026 Healthcare
  • 9 2 Transport/Logistics
  • 7 2 Energy

3i Group investment portfolio value

as at 31 March 2024

of the portfolio is exposed to the value-for-money, infrastructure and healthcare sectors

Value-for-money and Private Label 72%
Infrastructure and Scandlines 9%
Healthcare 6%
Industrial Technology 5%
Online Retail & Discretionary Consumer 4%
Services and Software 3%
Travel 1%

Our business model

We aim to compound value over time by investing in mid-market companies to create a diverse portfolio with strong growth potential.

Our thematic approach

Our Private Equity and infrastructure teams invest inert business supported by long term structual growth trends

Key enablers of value

Permanent capital and long-term investment horizon

We aim to compound our proprietary capital value through conviction in our best investments and by deploying our capital in new mid-market companies. Our proprietary capital affords us a long-term investment horizon.

A long-standing office network

We have had teams on the ground across the UK, continental Europe and the US for many decades, which have built strong networks within their local business communities.

An expert and diverse team

Our international teams are formed of local people with great knowledge and experience of their geography and sector. We view diversity as a strength and a plurality of perspectives enhances our origination, value creation and decision making.

Careful portfolio construction

We approach portfolio construction with great care, originating opportunities thematically and investing selectively in businesses that can benefit from long-term structural growth trends.

Active asset management

We engage with portfolio companies’ management teams to manage risks and invest in initiatives that support long-term sustainable growth.

A strong brand and reputation

As an investment company with a history of over 75 years, our brand strength and long-term approach underpin our reputation as a responsible investor and business.

Strong values and institutional culture

We promote a strong culture of integrity among our employees and embed that culture in our policies and processes.

Value creation

We manage our balance sheet conservatively. We maintain a tight grip on operating costs and cover these with fund management fees and portfolio income.

Download Business model
Value Creation Model WHITE BACKGROUND 1

Strategic objectives

  • Bar Grow
    Grow investment portfolio earnings
  • Pound Rotate
    Realise investments with good cash‑to‑cash returns
  • Round Dot
    Maintain an operating cash profit
  • File Check
    Use our strong balance sheet
  • Percent Sign
    Increase shareholder distributions

Key performance indicators

Gross investment return (“GIR”) as % of opening portfolio value

The performance of the proprietary investment portfolio expressed as a percentage of the opening portfolio value.

Link to strategic objectives:

Gross investment return

NAV per share

The measure of the fair value per share of our investments and other assets after the net cost of operating the business and dividends paid in the year.

Link to strategic objectives:

nav per share

Cash realisations

Support our returns to shareholders, as well as our ability to invest in new opportunities.

Link to strategic objectives:

Cash realisation

Cash investment

Identifying and investing in new and further investments is a key driver of the Group’s ability to deliver attractive returns.

Link to strategic objectives:

cash investment

Operating cash profit

By covering the cash operating cost of running our business with cash income, we reduce the potential dilution of capital returns.

Link to strategic objectives:

Operating cash profit

Total shareholder return

The return to our shareholders through the movement in the share price and dividends paid during the year.

Link to strategic objectives:

Total shareholder return

Business review

We invest in mid-market businesses headquartered in Europe and North America. Once invested, we work closely with our portfolio companies to deliver ambitious growth plans, and to realise strong cash returns for 3i shareholders and other investors.

Download Private Equity business review

At a glance

  • Gross investment return

    £ 4,059m or 25%

    (2023: £4,966m or 40%)

  • Portfolio dividend income

    £ 439 m

    (2023: £345m)

  • Cash investment

    £ 556 m

    (2023: £381m)

  • Portfolio growing earnings

    93 %

    (2023: 90%)

  • Realised proceeds

    £ 866 m

    (2023: £857m)

  • Portfolio value

    £ 19,629 m

    (2023: £16,425m)

We manage a range of funds investing principally in mid-market economic infrastructure and operational projects in Europe and North America. Infrastructure is a defensive asset class that provides a good source of income and fund
management fees for the Group, enhancing the returns on our proprietary capital.

Download Infrastructure business review

At a glance

  • Gross investment return

    £ 99m or 7%

    (2023: £86m or 6%)

  • AUM

    £ 6.7 bn

    (2023: £6.4bn)

  • Cash income

    £ 113 m

    (2023: £107m)

Scandlines is held for its ability to deliver long-term capital returns, whilst generating cash dividends.

Download Scandlines review

At a glance

  • Gross investment return

    £ 10m or 2%

    (2023: £52m or 10%)

  • Dividend income

    £ 25 m

    (2023: £38m)

Our TCFD disclosures

Download TCFD disclosures