3i infrastructure

Annual report
and accounts 2023

Full annual reportDownload PDF

We invest responsibly in infrastructure, delivering long-term sustainable returns to shareholders and having a positive influence on our portfolio companies and their stakeholders.

Scott Moseley and Bernardo SottomayorPlay video

SM & BS 61 535X325

High quality, diverse and differentiated portfolio.

Portfolio value


2022: £3.2bn (including committments)




  • Energy transition42%
  • Digitalisation22%
  • Globalisation22%
  • Demographic change8%
  • Renewing social infrastructure6%

Our business model creates long-term value for stakeholders.

How we create value

Full business model Download PDF

Consistent delivery against our target return of 8% to 10% per annum.

James Dawes Crop

James Dawes CFO

Total return on opening NAV





Full year dividend per share



Total return for the year


March 2022: £404m

NAV per share



2024 Target dividend per share



Our strategy enables us to deliver an attractive mix of income yield and capital appreciation.

Objectives and KPIs Download PDF

Maintaining a balanced portfolio.

Delivering an attractive mix of income yield and capital growth for shareholders. Investing in a diversified portfolio in developed markets, with a focus on the UK and Europe.


Largest single investment by value

Disciplined approach to new investment

Focusing selectively on investments that are value-enhancing to the Company’s portfolio and with returns consistent with our objectives.


New investments less amounts syndicated in the financial year

Managing the portfolio intensively

Driving value from our portfolio through our engaged asset-management approach. Delivering growth through platform investments.


Follow-on investments in portfolio companies


Portfolio companies refinanced

Maintaining an efficient balance sheet

Minimising return dilution to shareholders from holding excessive cash, while retaining a good level of liquidity for future investment.


Total liquidity

Sustainability a key driver of performance

Ensuring that our investment decisions and asset-management approach consider both the risks and opportunities presented by sustainability.

979MW, +9%

Installed renewable energy capacity, increase in year

Top Quartile Asset

A top quartile track record

We have a positive influence on our portfolio companies

As active owners we seek to ensure that our investee companies are run responsibly and that they can make a positive contribution to their employees, customers, suppliers and the local communities in which they operate. We facilitate and encourage the exchange of best practices by portfolio companies. We seek to manage material ESG risks and opportunities during the period of the Company’s investment. We require all our portfolio companies to measure their GHG emissions.

Our Approach Diagram Svg

Our portfolio


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