, an alternative investment firm that was founded in Singapore, has acquired the Asia-based business Private Client Services from Mercer, a business of New York-listed insurance and risk solutions group Marsh.

The transaction is subject to regulatory and specified approvals, as well as customary closing conditions, Hillhouse said in a statement last Friday. 

PCS, which was founded in 2003, offers wealth protection and integrated life insurance solutions to private wealth management clients.

“For our clients, joining the Hillhouse ecosystem means access to a seamlessly integrated world of education, healthcare and wealth protection under one roof,” Joseph Low, group CEO of Mercer PCS, said. “PCS has spent over two decades building the trust to serve clients at this level, and Hillhouse will give us the platform to serve them on a scale we have never had before.”

Hillhouse, founded in 2005 with initial funding from the Yale University Foundation, offers various strategies, such as buyout, real assets and private credit. From its initial Singapore base, the firm has a team of 450 professionals with offices in New York, Tokyo, London, Mumbai, Hong Kong, Abu Dhabi, Amsterdam, Sydney, Shanghai and Beijing.