Electra Private Equity, one of the UK's oldest listed private equity firms, has become the third firm this year to announce plans to cut the number of funds its invests with as it looks to weed out under performing funds.

Tim Syder, deputy managing partner at Electra, said the firm would be more "focused" with its fund of funds investments. A spokeswoman for the firm later confirmed this will mean a reduction in the number of managers it invests with going forward.