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UPDATE 2-Hillhouse Investment acquires Singapore's InCorp Global

Yantoultra Ngui
Updated ·2-min read

(Adds Hillhouse executive's quote in paragraph 4, background on TA and InCorp in paragraphs 9,10)

By Yantoultra Ngui

SINGAPORE, Feb 8 (Reuters) - Singapore-headquartered corporate solutions and business advisory firm InCorp Global said on Thursday it has been acquired by global alternative investment firm Hillhouse Investment.

No financial details of the financial transaction were disclosed in a statement by InCorp.

InCorp said Hillhouse's acquisition is a strategic move that will enable it to further accelerate growth, expand service capabilities and capitalise on new acquisition opportunities in both Asia Pacific and Europe.

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"We believe that InCorp presents a tremendous opportunity for growth, and we look forward to building a strong partnership over the months and years ahead," Sean Carney, partner and head of Hillhouse's global investment team, said in the statement.

Hillhouse is acquiring InCorp from global private equity firm TA Associates, the statement said.

Baker McKenzie Wong & Leow, the Singapore member firm of global law firm Baker McKenzie, represented TA on the sale of InCorp, according to a separate statement by Baker McKenzie.

Hillhouse was founded in 2005 by dealmaker Lei Zhang, a Singaporean who was born in China. With initial funding from Yale University, Hillhouse is one of the world's largest private alternatives managers with over 500 portfolio companies in more than 30 countries, according to the statement.

Hillhouse has been an active investor in Asia Pacific. Reuters reported in January that Hillhouse is one of the final few bidders vying for Everlife in a deal that could value the Asian healthcare services company at up to $1 billion, citing people with knowledge of the matter.

Boston-headquartered TA made a majority investment in InCorp in 2021, according to a statement at that time that did not disclose financial terms of the deal.

InCorp provides corporate services ranging from business incorporation to taxation and operates in Indonesia, Malaysia, Vietnam, Philippines, Australia, India, and Hong Kong besides Singapore, according to its website. (Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman)