Delta Capital Management has sold its equity stake in Lomonsov Porcelain, the oldest maker of fine porcelain tableware in Russia, to an individual shareholder who has also bought part of Kohlberg Kravis Roberts' (KKR) controlling shareholding.

The sale is the sixth exit from Delta Capital's $440m (€447.6m) fund, which was launched in 1995 by the US Congress to help Russia's transition to a market economy. Most other private equity firms have avoided this emerging market, but the growing number of Delta Capital's successful exits and Russia's recent, sustained economic growth make it look more attractive. Russia's economy has grown at an average of more than 6% a year over the last three years.