Investment bank JPMorgan Cazenove has downgraded five fund of funds after a difficult few months for Europe’s listed private equity sector which has seen it significantly underperform the broader equity markets since September.

Listed funds of funds F&C Private Equity, Standard Life European Private Equity and Mithras were downgraded from in-line to underperform and Princess and OFI Private Equity Capital were downgraded from outperform to in-line.