Warburg Pincus is exploring a potential bid for JTC Plc, the London-listed fund services and corporate administration provider, in what could become a direct challenge to Permira’s ongoing pursuit of the business, according to a Bloomberg report.

News of Warburg’s interest sent JTC’s shares up 10% on Friday, lifting its market value to around £2.2bn ($3bn). Permira had previously made a preliminary offer valuing the company at about £2bn, which JTC rejected last month.

While discussions remain at an early stage, the potential entry of Warburg Pincus signals growing private equity interest in consolidating the fund administration sector, where demand for outsourcing continues to rise.

A spokesperson for Warburg Pincus declined to comment, while JTC did not immediately respond to queries.

Warburg Pincus’s current portfolio includes UK wealth manager Evelyn Partners, as well as stakes in liquidity solutions provider IntraFi and exchange operator Miax.

The possible bidding war underscores the sector’s growing strategic value, as private equity firms seek stable, fee-driven businesses to diversify portfolios and capture growth in fund services.

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