Lloyds Development Capital has netted a two-times return on the sale of software company Avelo to an Australian trade buyer, as private equity firms continue to enjoy strong exits in the sector.

LDC has sold its majority stake to IRESS, a software company listed on the Australian Stock Exchange, for £210 million, the private equity firm said in a statement today. LDC made a two-times return on its original investment, according to a source close to the firm.