Doughty Hanson has made its second exit since it abandoned efforts to raise a new fund two months ago, with the sale of European carpet and rug manufacturer Balta Group meaning the UK private equity firm has now returned 150% of invested capital to investors in its fourth fund.

Doughty Hanson said in a statement on Monday that it has agreed to sell its stake in Balta Group to US-based turnaround investor Lone Star Funds, which last year closed its distressed-focused fund Lone Star Fund IX on $7.25 billion, above a $7 billion target.