The activist shareholder group pushing for change at a Swiss-listed private equity company have stepped up pressure on the firm - unveiling their plans to replace the entire firm’s board - as consolidators force the moribund sector to restructure.

Franco-American activist investor Guy Wyser-Pratte and French investment firm Mantra Investissement issued a statement this morning calling for the replacement of the entire board of Private Equity Holding as part of their calls to restructure the company to create value for shareholders. Together, the activist pair own more than 5% of Private Equity Holding.