Conversus Capital, a private equity fund of funds that has struggled to increase its share price, could become the latest manager to change ownership after it said that it was considering putting itself up for sale.

The Euronext-listed firm, which has about $2.1bn of assets under management, has appointed JP Morgan Securities to advise it on a strategic review and US firm Cleary Gottlieb Steen & Hamilton as legal adviser, according to a statement this morning.