Following its management buyout in late 2008, 2009 was a pivotal year for International Private Equity Services (Ipes). The fund administration business has demonstrated continuous commitment to the private equity industry through its services and has continued to grow in 2009.
The business has gone through a period of change, both structural and cultural, as it transformed post MBO in order to consolidate its position as a leading multi-jurisdictional player in the fund administration industry. It has also been a period of growth, with Ipes taking on 23 new business mandates from both new and existing clients, despite the global economic downturn. Ipes has also reported renewed interest in fund raising and investment from its current client base including seven new funds and 10 follow-on funds. According to the firm, 90% of new business won during the year was referral based. Additionally, Ipes has an unblemished track record with respect to follow-on funds and has been successful in securing 100% of this work.
Ipes’ team of over 110 multi-skilled professionals currently manages in excess of US$36bn assets on behalf of clients from offices in Guernsey, Jersey and London. The business operates globally, working for more than 70 clients with over 300 funds and 5,000 investors.
The firm offers a comprehensive range of administration services for all types of private equity funds including buyout, venture capital, real estate, mezzanine and funds-of-funds and also provides outsourcing of administrative services, primarily through its London office.
Ipes’ services include fund launches, corporate services, accounting, investment processing, investor relations and general administration.
The firm maintains a #2 ranking in Lipper Fitzrovia’s 2009/10 Guernsey league table based on funds under administration.
Ipes recently launched a survey for all clients to identify opportunities for the ongoing development and enhancement of its service offering. Initial results are positive, confirming that 82% of clients are happy with Ipes’ overall service
Kevin Brennan, Ipes CEO, said in a statement a year on from the buyout: “The buyout last year allowed us to restructure the business for further growth. Bolstering our senior management team, introducing innovative client management tools and continuing to focus on client services, has seen Ipes reaffirm its leadership in fund administration.”
RJD Partners, a leading UK middle market private equity firm, backed the £25m buyout of Ipes Holdings Limited in August 2008, fully underwriting the deal. This was followed by a successful debt refinancing in November 2008, reflecting the robust cashflow and strong reputation of the business.
Richard Caston, Partner at RJD, said: “We are delighted to have been able to play an active part in supporting the growth of this dynamic, service-led business. Ipes is well placed to take advantage of the ongoing trend towards outsourcing and the expansion opportunities this offers. We look forward to continuing to work together to deliver Ipes’ ambitious growth plans.”
Bolstering its management team, ongoing investment in innovative client management tools and a continued focus on client services have helped Ipes to maintain its strong leadership position.
Ipes’ Jersey office celebrated its first birthday this year and has expanded from a team of just two people to a fully fledged office of nearly 20. The office recently won its first listed real estate client and has quickly established its own client base. In November, Ipes strengthened its management team in Jersey with three senior appointments: Claire Kelly, Debbie Quemard and Jackie Kostyniuk.
Kelly joins Ipes Jersey as compliance manager following a 10-year career in the island’s finance industry. Quemard and Kostyniuk, both qualified accountants who have been with Ipes since 2008, have each been promoted to head of section.
Also this year Ipes appointed Richard Grainger as chairman and Gavin Hayman as CFO following Connie Helyar, Ipes’ co-founder and former chairman, who has stepped down and become a consultant to the firm.
During 2010 Ipes will be further expanding its fund administration offering with a fourth office in Luxembourg, which will enable it to further diversify its service offering and jurisdictional coverage.
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SNAPSHOT:
Headquarters: St Peter Port, Guernsey
Founded: 1998
Other offices: St Helier, Jersey; London, UK
Management team: 6
Other professionals: 110
Assets managed on behalf of clients: US$36bn
Funds advised: Over 300
Business: Administration services for all types of private equity funds including buyout, venture capital, real estate, mezzanine and funds-of-funds and also provides outsourcing of administrative services, primarily through its London office. Services include fund launches, corporate services, accounting, investment processing, investor relations and general administration.
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WHY THE FIRM WON:
• Won 23 new business mandates in 2009
• Ninety-percent of new business in 2009 was on a referral basis
• According to a client survey, 82% are happy with the firm’s overall service
• Successfully completed a smooth leadership transition following the resignation of chairman Connie Helyar and replacing her with former chief executive of Close Brothers Corporate Finance, Richard Grainger.
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Shortlist
International Private Equity Services
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