Wilbur Ross, the US investor famous for making timely bets on the resurgence of old economy sectors such as steel, textiles and coal, on Sunday struck a deal to sell his private equity firm to Amvescap, the British asset management company, for up to $375m over five years.

The transaction could serve as a model in the buy-out industry, where many executives are searching for ways to secure permanent sources of capital or cash out of the firms they have built over long careers.