UPDATE 4-3i asset values lag market surge, shares fall

* Net asset value rises 2 pct in Apr-Sept half-year

* Real economy performance fails to match stock markets

* Dividend 1p vs 3.8p in 2008

* Shares down 4.6 pct at 1151 GMT

(Adds CEO comment)

By Simon Meads

LONDON, Nov 12 (Reuters) - British private equity firm 3i Group (III.L) said asset values increased just 2 percent in the first half of its financial year as the real economy failed to keep up with rebounding stock markets.

Its shares led the list of UK blue-chip fallers, down as much as 6.5 percent, after it said net asset value per share (NAV) increased to 286 pence at the end of September from 279 pence end-March, towards the bottom of analysts' expectations.

"It is difficult to see what will drive the NAV in the short term; realisations are likely to be low for some time, with activity levels in the private equity market only slowly picking up," said Cazenove analyst Chris Brown in a note.