Activist hedge funds are preparing a fresh assault on Private Equity Holding less than a year after board of the Swiss-listed private equity firm successfully saw off an attempt to replace it and move the fund towards liquidation.

France's Mantra Investissement and US-based Ironsides Partners each now hold around 5% in PE Holding, which is run by fund of funds group Alpha Associates. Ironsides began buying up shares late last year, according to a person familiar with the situation.