Private equity group TPG has cashed in its remaining stake in Debenhams, the department store group whose buy-out it funded in 2003.

TPG, which acquired Debenhams in partnership with CVC, retained a holding following its IPO in 2006. Yesterday’s disposal of TPG’s 9.34% stake brought the firm’s total profit on its investment to almost £500m.

The buyer of the shares has not been disclosed. It is thought that it may have gone to a hedge fund such as Och-Ziff, a backer of fashion retailer Peacocks, or an entrepreneur – tycoons Micky Jagtiani, owner of Dubai-based retail group Landmark, and Arcadia boss Sir Philip Green were both speculated upon as possible buyers.

The identity of the purchase is expected to be disclosed within a few days in accordacne with Stock Exchange rules.