The fund, run by UK private equity fund manager Pantheon Ventures, is the latest listed vehicle to return to health after taking painful steps to repair its balance sheet over the past 24 months.

Earlier this month, fellow listed fund SVG Capital announced a rebound in results as its net asset value rose 41.7% last year as a result of the improved performance by private equity firm Permira, its largest investment. 3i Group also reported a robust outlook recently, agreeing with investors an extension to its investment deadlines to give the firm more time to make acquisitions.

The trend is in stark contrast to 2009 when all three funds experienced difficulties and were forced to sell assets or undertake new rights issues after they had used debt to fund investment commitments during the boom.

In their half yearly financial report, PIP said that it would concentrate on the secondary market, whereby firms buy pre-existing investor commitments, rather than primary investments, because of the earlier returns and the lower unfunded commitments.

PIP also said it would consider targeted share buy backs to reduce the number of shares on the market, as the current price and high discount to Net Asset Value offer good value in the current market.

PIP’s net assets rose to over £649 million for the period ending December 2010 with its NAV per share increasing by 15.8% and ordinary share price up by 47% over the same period.

Commenting on the interim results, Andrew Lebus, a partner at PIP’s manager Pantheon, said: “These are strong results, reflecting a period of greater stability in private equity. Although there are uncertainties in the global economy, we anticipate that the maturity and diversity of our assets will be helpful in underpinning the company’s strengthening cash flow, enabling us soon to resume the secondary investment programme.”