3i unfazed by market

Annual results show its aggressive tech focus is paying off.

European venture capitalist 3i made a return of 44% on opening shareholder funds for the year to 31 March 2000.

Chief Executive Brian Larcombe, announcing the results yesterday, said recent falls in tech-related stock on European and US markets would not deter 3i from continuing to focus its investment strategy on the technology sector, which contributed £1.1bn (E1.8bn) to the £1.6bn increase in the value of its assets.

Over the past three years, the company has dramatically increased its exposure to the technology sector. About 40% of 3i's portfolio is now in technology, 10% above the target set by Larcombe when he took over as chief executive.