Electra Investment Trust has realised £180m (€262m ) from the sale of its two largest investments. It has sold part of a 28% stake in Baxi, the European heating group, to BC Partners, and its entire stake in Premium Credit, the consumer insurance credit provider, to MBNA.

Hugh Mumford, the chief executive of Electra Partners, said the completion of both transactions demonstrated Electra's ability to back top management.