3i, the quoted venture capital vehicle confirmed analysts expectations with a 20% decline in its net asset value, despite a record £2bn (€3.2bn) investment in over 700 companies and record realisations.

Its value was down by £1.3bn or 815p a share in the six months to March 31 2001, making it the first negative return by 3i for many years. The venture capital house attributed to the decrease in value of its quoted technology investments. 3i was keen to emphasise that despite the slump it had still outperformed the main FTSE indices. TeleCity, the telecommunications company which is 3i's second largest quoted investment, Actelion, a Swiss pharmaceutical company, and Bookham Technology, contributed to the decline in 3i's quoted portfolio.