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3i Fifty Years Investing in Industry$
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Richard Coopey and Donald Clarke

Print publication date: 1995

Print ISBN-13: 9780198289449

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198289449.001.0001

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Investment Capital for British Industry: A Failure of Demand or Supply?

Investment Capital for British Industry: A Failure of Demand or Supply?

(p.225) Chapter 10 Investment Capital for British Industry: A Failure of Demand or Supply?
3i Fifty Years Investing in Industry

Donald Clarke

Oxford University Press

3i has always been demand-led, attempting to meet all justifiable requests for long-term and permanent capital and then financing its commitments by raising money wherever it can. In practice, new investment has normally outstripped the return flow of capital and income from earlier investments, and the portfolio has thus grown continuously. As a result, in almost every year since 1968 it has been necessary to find new funds from external sources in order to fill the gap between cash flowing out and that coming in. The success of these continuous efforts to find money throws useful light on the question of whether British industry was ever genuinely starved of funds for profitable new investment.

Keywords:   investment capital, British industry, permanent capital, demand and supply, capital flow, profitable investment

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