Private equity group Permira is on the verge of acquiring JTC, a Jersey-based fund administrator, in a deal valued at more than £2 billion. The move, expected to be announced as early as Monday, would outpace rival bidder Warburg Pincus and mark yet another significant take-private deal in London’s increasingly active buyout market.
The acquisition reflects growing private equity appetite for financial services firms that support the booming private capital industry. JTC, founded in 1987, provides administration services across private equity, real estate, and credit markets. It has been listed on the London Stock Exchange since 2018, but the rising tide of take-private transactions suggests the appeal of steady, fee-based income streams has not gone unnoticed by global investors.
Private equity targets fund services growth
Led by CEO Nigel Le Quesne, JTC’s strong financial performance has helped fuel takeover interest. In the first half of this year, the company reported revenue of £172.6 million, up 17 percent from the same period last year, while earnings before interest, tax, depreciation, and amortisation rose 15% to £56.5 million. The market’s positive outlook on its business model has driven shares up more than 30 percent in 2025, closing Friday at £13.58 and giving the group a market capitalisation of about £2.2 billion.
As institutional and wealthy investors allocate more capital to private equity, credit, and real estate funds, specialist administrators like JTC become crucial to managing the rising complexity of these assets. Such firms offer stable, recurring revenue streams and high barriers to entry, qualities that are increasingly prized by long-term investors.
Expands it fund services footprint
For Permira, this acquisition would strengthen its position in fund services following the lucrative sale of Alter Domus last year. The firm sold a majority stake in the Luxembourg-based administrator to Cinven in a €4.9 billion transaction, securing more than a sevenfold return on its investment. The prospective JTC deal suggests Permira aims to replicate that success with another established platform.
Under chief executive Nigel Le Quesne, JTC has expanded both organically and through strategic acquisitions. Its recent purchase of Kleinwort Hambros Trust Company added estate planning and trust management capabilities, broadening its client base among high-net-worth individuals.
If completed, the takeover would continue a wave of take-private transactions reshaping the UK’s financial services landscape, as global investors seek growth and resilience in the backbone infrastructure of private markets.
