UK's 3i sees net asset value rise against challenging market backdrop

LONDON (Reuters) - British private equity firm 3i Group Plc (III.L) reported its net asset value rose in its third quarter, despite what it described as a challenging market environment.

Diluted NAV, a key measure of the value of its assets, rose to 413 pence a share in the three months to December, against 401 pence at the end of September. Returns rose to 7.4 percent, up from 4.4 percent in the half year to end September, it said on Thursday.

3i said it invested 364 million pounds ($518.92 million) in the nine months to end December and sold assets totalling 403 million pounds in the period, excluding the proceeds it is due to receive from its sale in December of Element Materials Technology.

(Reporting By Freya Berry; Editing by Rachel Armstrong)