London, Jan 24, 2026, 09:20 GMT — Market closed
- 3i shares closed the week a touch higher, with a company update on the horizon.
- Attention centers on Action’s financial health and potential ripple effects on the portfolio’s value.
- Rate decisions and bond market shifts continue to drive volatility in listed private equity stocks.
3i Group plc (LSE:III) shares ended Friday at 3,289 pence, rising 16 pence or 0.49%. The price fluctuated between 3,231 and 3,301 pence during the session. Around 1.6 million shares changed hands, though the stock remains far from its 52-week peak. (Hargreaves Lansdown)
The modest uptick leaves investors focused on one key date. 3i will release its Q3 performance update on Jan. 29, followed by an Action Capital Markets Seminar webcast scheduled for March 26. (3I)
3i’s update carries weight because the firm is often seen as a pure play on Action, its largest portfolio holding. The quarterly figures can also sway opinions on the group’s net asset value (NAV)—calculated as portfolio value minus debt, then divided by shares. In its recent half-year report, 3i put NAV per share at 2,857 pence. Action posted net sales of 11.229 billion euros, with like-for-like growth of 6.3% across nine reporting periods ending late September 2025. Meanwhile, 3i’s equity stake in Action climbed to 62.3% after deals in October. CEO Simon Borrows noted, “We remain cautious in the deployment of capital into new investment.” (3I)
At Friday’s close, shares were priced about 15% above the most recent NAV. This premium tends to widen when investors believe Action is outpacing the rest of the portfolio in growth — but it can narrow just as fast if trading momentum falters or valuation assumptions come into question.
The broader market offered little direction. The FTSE 100 edged down 0.07% on Friday, while other London-listed alternative asset firms showed mixed results; ICG Plc dropped 1.24% during the session. (MarketWatch)
For 3i, the update on Jan. 29 will focus on a handful of key points: Action’s current trading, like-for-like sales figures that exclude new store openings, and whether cash flow remains strong. Investors are also set to scrutinize any shifts in guidance around financing costs and valuation multiples within the private portfolio, where valuations often trail public market movements.
Rates remain in the background, as they often do. The U.S. Federal Reserve’s upcoming policy meeting, scheduled for Jan. 27-28, can still shake global yields even if rates hold steady — and private-asset valuations usually react to shifts in discount rates and refinancing terms. (Federal Reserve)
In the UK, the Bank of England’s Monetary Policy Committee will deliver its next decision on Feb. 5. This date marks a key moment for the direction of borrowing costs and the pound — crucial for a company reporting NAV in pence but with assets that generate income and debt in various currencies. (Bank of England)
The downside risks are clear. Should consumer spending slow more than anticipated, Action’s like-for-like growth might weaken. Prolonged high interest rates could squeeze premiums on listed private equity. And a currency move against expectations could drag down reported returns, even if the core business performs well.
3i shares won’t trade again until Monday, but all eyes are on Thursday’s Q3 update. Then, on March 26, the Action seminar offers a closer look at store expansion and the company’s longer-term strategy.
