Five private equity firms raised a total of £110m (€156m) from selling stakes in Punch Taverns, the UK pubs group, and HMV Group, the UK music retailer, taking advantage of improving equity markets to exit their investments.

UBS and Citigroup raised £48.5m placing shares in HMV for Advent International. Advent sold its remaining 7.88% stake, completing its exit from its investment in HMV. Shares were sold at 153p per share, a discount of 1% to HMV's closing share price of 161p on Tuesday.