RJD backs fund admin MBO

RJD Partners, a mid-market private equity firm formerly known as Royal London Private Equity before spinning out of the Royal London Mutual Insurance Society, has made its second acquisition in August with the buyout of IPES Holdings, a provider of outsourced fund administration services to private equity sponsors.

RJD Partners was advised by BDO Stoy Hayward, DLA Piper, Carey Olsen, Willis and the Quinn Partnership. IPES was advised by Cavendish Corporate Finance, Bedell Cristin and Wyvern Partners.

Established in February 1998 by Connie Heylar and Peter Gillson, IPES provides back-office support to more than 300 funds for 56 clients groups, of which the nine largest each have more than €500m (US$753m) in funds under management.

IPES employs 120 staff in Guernsey, Jersey and London and has more than US$40bn of assets under administration, with services including secretarial work, accounting, paying bills and hosting board meetings.

The MBO is the seventh from RJD Partners second fund. Earlier in August, Raphael Healthcare was acquired in a transaction that valued the women’s healthcare business at £30m. In May, the private equity house bought technology businesses Comtec and Jamber, just a few months after Stone Group, an IT services supplier to the public sector, was purchased for £28m.