Listed private equity firm 3i Group took advantage of market conditions in its fiscal first quarter to make exits and has remained disciplined by avoiding doing deals.

The firm made no new private equity investments in the quarter, but instead did a small secondaries deal for one of its own funds. 3i spent £27 million acquiring a stake in its Eurofund V from a third-party investor, it said in its interim management statement for the period from April 1 to June 30, 2014 - its first quarter. No further details were disclosed.