UK mid-market private equity firm HgCapital has made a more than three times return on its investment in psychometric testing company SHL, which it sold today for $660m.

The sale, to New York-listed company The Corporate Executive Board Company, gives HgCapital 3.1-times its original investment. It provides the firm with a 26% internal rate of return - the amount of cash made per year on an investment - and is a boost to the listed private equity sector, an area where HgCapital operates an investment trust and which has struggled with faltering share prices.