EQT has sold Vaasan & Vaasan, the Baltic bakery company, to CapVest, the private equity arm of insurer AIG, in a move that should boost fundraising efforts for its new €2.5bn ($3.1bn) fund.

Conni Jonsson, a partner at the Nordic buy-out firm, which has owned Vaasan & Vaasan since 1998, said: "It has been a very good investment for EQT, certainly in the top quartile. We have made several times our money."