A thermally conductive adhesive comprises a mixture of at least two types of silver particles including a second type having a surface area to mass ratio in the range of 0.59 m2/g to 2.19 m2/g and a tap density in the range of 3.2 to 6.9 g/cm3 and a first type having a surface area to mass ratio of 0.05 to 0.15 m2/g and a tap density in the range of about 4.7 to 8.2 g/cm3. According to certain embodiments of the invention the first type of silver particles includes oblong silver particles. The thermally conductive adhesive further comprises a binder, and optionally a solvent.