UPDATE 2-Economic gloom hits 3i companies' earnings

* 3i sees softening earnings at some portfolio companies

* Invests only 82 mln stg in third quarter

* Disposals slow to 219 mln stg in 3 months to end-Dec

* Shares fall 3 pct, discount around 35 pct to asset value

By Simon Meads

LONDON, Jan 26 - Private equity firm 3i Group Plc said earnings had deteriorated at some of its companies and both asset sales and new investments had slowed due to uncertainty surrounding the euro zone debt crisis and fears of another recession.

Its performance echoes the wider private equity industry which finds itself in a tight spot as deal activity slumps amid a funding squeeze, and businesses they own see sales begin to take another downturn.

The London-listed company said on Thursday conditions had not improved since November when it unveiled its half-year results under a cloud of deepening fears for the future of the euro zone and a sluggish M&A market.

"Conditions have not improved since then, which has been reflected in a softening in the earnings performance of some of the portfolio over this period," said Chief Executive Michael Queen in a statement.

3i shocked the market earlier this year when it wrote down to zero the value of one of its largest investments, British outsourcing firm Enterprise Group, having painted a gloomy picture of company performance in the United Kingdom.

The protracted period uncertainty in the euro zone is weighing on companies across Europe, finance director Julia Wilson said in a conference call with reporters.

"We are working closely with all of our portfolio companies to make sure they are taking the right steps to manage through that period," she said.

Shares in 3i were down 3 percent at 179.5 pence at 0905 GMT, continuing a long-running trend that has seen them trade far below asset valuations.

"3i currently feels like a 'value-trap'," said Oriel Securities analyst Iain Scouller in a note to investors, highlighting a discount of about 35 percent to his NAV estimate for the full year.

"The problem is that there does not appear an immediate catalyst such as realisation gains or multiples on comparable listed mid and small caps to start moving the NAV upwards again," Scouller said.

Realisations from investment companies sold eased in the third quarter -- the three months to end-December -- to 219 million pounds ($341 million), though that figure was largely thanks to the sale of engines maker MWM agreed a year earlier.

The group had pulled in 532 million pounds from asset sales in the first half.

New investments slowed to a trickle, in line with much of the industry, as banks rein in lending for new deals. 3i invested 82 million pounds in the third quarter, compared with 448 million pounds for the first six months of the year.