JP Morgan Chase's [JPM] JP Morgan Worldwide Securities Services unit said Thursday that it will buy Schroders PLC's private equity administration services business for an undisclosed price.

The administration services company works with PE firms that have $6.2 billion under management.

Conrad Kozak, chief executive of JP Morgan Worldwide Securities Services, said in a statement that the purchase of the Guernsey Channel Islands business will allow it "to expand the global footprint of our private equity administration business."

The acquisition was a tuck-in purchase for JP Morgan; it provides similar services to more than 100 private equity clients managing $225 billion in alternative capital.

In the first quarter, 79 private equity funds raised $50.4 billion, while 1,562 other fund partnerships are looking to raise $636 billion, according to Preqin, a London and New York private equity data research firm.