Activist fund Sherborne Investors has made a further attempt to enact strategic changes at Electra Private Equity, a move analysts at JP Morgan have described as “a very heavy blow” to the listed buyout house.

US-based Sherborne, headed by Edward Bramson, wrote to Electra chairman Roger Yates on February 20 proposing to resume discussions about the company's board representation and "participation in an expanded review of options to increase Electra's shareholder value", according to a statement from Sherborne yesterday.