A cooled power conversion assembly comprising a first chamber, a second chamber at least partially separated from the first chamber, at least one first type device located in the first chamber, at least one second type device located in the second chamber, and cooling means comprising a first cooling element and a second cooling element. The first cooling element is adapted to transfer heat out of the first chamber, and the second cooling element is adapted to transfer heat out of the second chamber. The first cooling element is in direct contact with the at least one first type device, and the second cooling element is in a heat transfer connection with the at least one second type device through a gaseous cooling medium.