The deal is subject to regulatory approval, according to a statement released by Silverfleet.
Silverfleet – which prior to buying Ipes had been one of its clients for more than a decade – said it plans to develop the business "both organically and through acquisition, with an emphasis on international expansion".
Ipes was founded in Guernsey in 1998 by Connie Helyar and Peter Gillson, and today employs around 130 staff in offices located on that island as well as in Jersey, London and Luxembourg. It has more than 90 clients and administers 230 funds, and is known for its expertise in closed-ended funds, with a particular specialty in private equity.
Ian Oxley, a Silverfleet Capital partner who was involved in the deal, said the outlook for outsourcing of private equity administration was "very positive, as funds have to manage increasing regulatory and investor demands, which are costly to provide in-house".
"Legislation including AIFMD, FATCA and Dodd-Frank will generate significant new reporting requirements, and this in turn will create an opportunity for Ipes as it works with fund managers to ensure compliance with these regulations."
RJD Partners is said to have received a return of three times its original investment in Ipes, which it acquired in September, 2008. That was the same month that Lehman Brothers filed for bankruptcy protection in the US, which contributed to a global financial crisis that continues to impact most financial markets and companies. Among the lasting effects of that downturn are many of the new regulations that asset managers look to companies like Ipes for help with.
From September 2008 until now, Ipes saw its assets under management grow to $50bn from $36bn, according to the Silverfleet statement announcing the acquisition.
Silverfleet was founded more than 25 years ago, when it was the private equity arm of Prudential plc, and operated under the name PPM Capital. It specialises in what it calls "mid-market private equity investment" and claims to have completed more than 100 corporate buyouts across Europe. It manages around €1bn and has offices in London, Paris, Munich and Chicago.
