Electra Private Equity, the listed buyout affiliate of Electra Partners, suffered a 10% decline in its net asset value during the year to the end of September, in one of the first signs the credit crunch has started impacting mid-market private equity firms.

Electra Private Equity reported an 8.3% negative return for investors compared to a 22.6% positive return over the past five years, as its NAV fell to £664m (€786.3m) or £18 per share in the year to the end September, according to its annual results.