Confidence in private equity funds has been in short supply as a sharp rise in interest rates has sowed doubt into the strength of corporate valuations. 3i Group is one of only two London-listed investment trusts to have been afforded a premium against the net value of its assets, in a sector that has suffered a bruising sell-off over the past 18 months.
3i’s ascent is against the odds in a risk-off market. Backing 3i is taking a bet on Action, the Dutch discount retailer that has spread into 11 countries across Europe. The chain, which 3i controls with a stake of almost 53 per cent, now accounts for 61 per cent of the fund’s £18 billion portfolio of investments. Pressure on consumer wallets and
