3i Infrastructure has published its results for the year ended 31 March 2014. Over the year it generated a total return on net assets of 6.6% (the NAV went to 126.4p from 123.0p and the dividend for the year is 6.7p). Good performance from their investments in Europe was offset by further disappointment in India (partly as the Rupee depreciated against Sterling). Major new investments included Cross London trains, the Dutch National Military Museum and the Merseyside Gateway Bridge.
After Ben Loomes and Phil White took charge of the fund, the Board renegotiated the management agreement so that the fee on new PPP and individual renewable energy projects drops to 1% and they have introduced a high watermark into the performance fee calculation.