Ratings agency Moody’s is considering downgrading a fund of funds run by private equity firm SVG Advisers, dealing a fresh blow to the London-based group.

Moody's has put about $397m (€298m) of debt issued by SVG Diamond Private Equity II on review for downgrading because "of the deterioration of the performance of the private equity asset class". The various tranches are currently rated at between A2 and Ba2.