Singapore-Based China Private Equity Group Hillhouse Investment to Buy Mercer Asia Private Client Services (PCS) Business Which Provides Life Insurance & Risk Management Solutions to HNW Individuals, Mercer is Subsidiary of $79 Billion United States Insurance Brokering & Risk Management Giant Marsh with Subsidiaries Including Mercer, Marsh Risk, Guy Carpenter & Oliver Wyman
11th May 2026 | Hong Kong
Singapore-based China private equity group Hillhouse Investment is buying Mercer Asia Private Client Services (PCS) business, which provides life insurance & risk management solutions to HNW individuals. Mercer is subsidiary of United States insurance brokering & risk management Giant Marsh ($79 billion market value) with subsidiaries including Mercer, Marsh Risk, Guy Carpenter & Oliver Wyman. In 2025 October, leading private equity firm Apollo Capital Management ($840 billion AUM) invested for a minority equity in life insurance brokerage firm Charles Monat Associates, which was founded in 1971 by Charles S. Monat and management completed a buyout in 2017 from Willis Towers Watson. Mercer – At Mercer, A Marsh business, we’re helping our clients realize their investment objectives, shape the future of work, and enhance health and retirement outcomes for their people. As a business of Marsh, for 80 years, we’ve been helping our clients, colleagues and communities build the confidence to thrive, creating healthier and more sustainable futures. Together with Marsh Risk, Guy Carpenter, and Oliver Wyman, we help organizations build resilience and competitive advantages from every angle. With annual revenue over $24 billion and more than 90,000 colleagues in 130 countries, Marsh helps build the confidence to thrive through the power of perspective. In 2026 April, Hillhouse Investment was reported to be raising $8.5 billion for 2 new funds with 1) $7 billion for Asia buyout fund & 2) $1.5 billion for growth fund. Hillhouse Investment was founded in 2005 by Lei Zhang. In 2025 December, Hillhouse Investment Japan property developer Samty Holdings launched a $500 million multi-family fund seeded with 16 residential properties in Tokyo & Osaka. Samty Holdings was acquired by Hillhouse Investment in 2025 January for $1.1 billion. In 2025 June, Japan Daiwa Securities Group ($10 billion market value), Hillhouse Investment & Samty Holdings were reported to be planning to launch a $685 million (JPY 100 billion) real estate fund to invest in Japan rental housing & hotel assets. In 2025 September, Hillhouse Investment venture capital fund (GL Ventures) & China state-owned Pudong Venture Capital launched a $280 million (CNY 2 billion) artificial intelligence fund to support the development of Zhangjiang AI Innovation Town (Zhangjiang Science City) in China Shanghai for 1,000 AI companies. Hillhouse Investment – Hillhouse Investment is a long-term investor focused on partnering with quality business leaders to help them grow their organizations globally. For almost 20 years, Hillhouse has worked alongside traditional businesses that have redefined their industries. Our goal is to establish alignment and build sustainable, forward-thinking companies that create lasting value for all stakeholders. Hillhouse is a full life-cycle private equity firm, investing for the long term across opportunities in the healthcare, business services, consumer, and industrials sectors. The firm manages capital on behalf of global institutions such as non-profit foundations, endowments, and pensions. Lei Zhang – Lei earned his M.B.A. and M.A. in International Relations from Yale University and a B.A. in Economics from Renmin University. Prior to founding Hillhouse with Michael, Luke, and Tracy in 2005, Lei worked at the Yale University Investments Office, which became Hillhouse’s first investor. Lei also spent two years as an investment analyst covering Southeast Asia and Africa. Lei is an avid snowboarder. When he’s not in the office or meeting with entrepreneurs, Lei can be found on the slopes, usually with Michael in tow. Despite their best efforts, their kids are still faster and more stylish than they are.
“ Singapore-Based China Private Equity Group Hillhouse Investment to Buy Mercer Asia Private Client Services (PCS) Business Which Provides Life Insurance & Risk Management Solutions to HNW Individuals, Mercer is Subsidiary of $79 Billion United States Insurance Brokering & Risk Management Giant Marsh with Subsidiaries Including Mercer, Marsh Risk, Guy Carpenter & Oliver Wyman “
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Announcement (15/5/26): “We’re excited to share that Hillhouse Investment has agreed to acquire and partner with Mercer’s Asia-based Private Client Services (PCS) business, part of Marsh. For more than two decades, PCS has built a strong reputation advising private wealth clients across Asia on wealth protection and integrated life insurance solutions. Today, the business serves more than 8,000 clients across approximately 50 markets, with offices in Singapore, Hong Kong, Shanghai, Geneva and Zurich. This partnership reflects our long-term commitment to supporting high-quality businesses with strong client relationships, differentiated expertise and significant growth potential. We believe PCS is well positioned to continue expanding its reach across Asia and globally, supported by Hillhouse’s international network and long-term investment approach. We look forward to partnering with the PCS team as they enter the next phase of growth.”
Joseph Low of Mercer PCS: “We are excited to partner with Hillhouse Investment. For our clients, joining the Hillhouse ecosystem means access to a seamlessly integrated world of education, healthcare and wealth protection under one roof.
Adam Hornung Co-Chief Operating Officer at Hillhouse Investment: “Mercer’s Private Client Services team has an incredible reputation in the industry, and the advisory work they do with clients, with the best wealth management and protection solutions is incredibly important in this day and age. We look forward to partnering with them as we support their continued growth, long-term value creation and next phase of their journey.”
Singapore-Based China Private Equity Group Hillhouse Investment to Raise $8.5 Billion for 2 New Funds with 1) $7 Billion for Asia Buyout Fund & 2) $1.5 Billion for Growth Fund, Founded in 2005 by Lei Zhang
22nd April 2026 – Singapore-based China private equity group Hillhouse Investment is reported to be raising $8.5 billion for 2 new funds with 1) $7 billion for Asia buyout fund & 2) $1.5 billion for growth fund. Hillhouse Investment was founded in 2005 by Lei Zhang. In 2025 December, Hillhouse Investment Japan property developer Samty Holdings launched a $500 million multi-family fund seeded with 16 residential properties in Tokyo & Osaka. Samty Holdings was acquired by Hillhouse Investment in 2025 January for $1.1 billion. In 2025 June, Japan Daiwa Securities Group ($10 billion market value), Hillhouse Investment & Samty Holdings were reported to be planning to launch a $685 million (JPY 100 billion) real estate fund to invest in Japan rental housing & hotel assets. In 2025 September, Hillhouse Investment venture capital fund (GL Ventures) & China state-owned Pudong Venture Capital launched a $280 million (CNY 2 billion) artificial intelligence fund to support the development of Zhangjiang AI Innovation Town (Zhangjiang Science City) in China Shanghai for 1,000 AI companies. Hillhouse Investment – Hillhouse Investment is a long-term investor focused on partnering with quality business leaders to help them grow their organizations globally. For almost 20 years, Hillhouse has worked alongside traditional businesses that have redefined their industries. Our goal is to establish alignment and build sustainable, forward-thinking companies that create lasting value for all stakeholders. Hillhouse is a full life-cycle private equity firm, investing for the long term across opportunities in the healthcare, business services, consumer, and industrials sectors. The firm manages capital on behalf of global institutions such as non-profit foundations, endowments, and pensions. Lei Zhang – Lei earned his M.B.A. and M.A. in International Relations from Yale University and a B.A. in Economics from Renmin University. Prior to founding Hillhouse with Michael, Luke, and Tracy in 2005, Lei worked at the Yale University Investments Office, which became Hillhouse’s first investor. Lei also spent two years as an investment analyst covering Southeast Asia and Africa. Lei is an avid snowboarder. When he’s not in the office or meeting with entrepreneurs, Lei can be found on the slopes, usually with Michael in tow. Despite their best efforts, their kids are still faster and more stylish than they are.
Singapore-Based China Private Equity Group Hillhouse Investment Japan Property Developer Samty Holdings Launches $500 Million Multi-Family Fund Seeded with 16 Residential Properties in Tokyo & Osaka, Samty Holdings Acquired by Hillhouse in 2025 January for $1.1 Billion
23rd December – Singapore-based China private equity group Hillhouse Investment Japan property developer Samty Holdings has launched a $500 million multi-family fund seeded with 16 residential properties in Tokyo & Osaka. Samty Holdings was acquired by Hillhouse Investment in 2025 January for $1.1 billion. In 2025 June, Japan Daiwa Securities Group ($10 billion market value), Hillhouse Investment & Samty Holdings were reported to be planning to launch a $685 million (JPY 100 billion) real estate fund to invest in Japan rental housing & hotel assets. In 2025 September, Hillhouse Investment venture capital fund (GL Ventures) & China state-owned Pudong Venture Capital launched a $280 million (CNY 2 billion) artificial intelligence fund to support the development of Zhangjiang AI Innovation Town (Zhangjiang Science City) in China Shanghai for 1,000 AI companies. Hillhouse Investment – Hillhouse Investment is a long-term investor focused on partnering with quality business leaders to help them grow their organizations globally. For almost 20 years, Hillhouse has worked alongside traditional businesses that have redefined their industries. Our goal is to establish alignment and build sustainable, forward-thinking companies that create lasting value for all stakeholders. Hillhouse is a full life-cycle private equity firm, investing for the long term across opportunities in the healthcare, business services, consumer, and industrials sectors. The firm manages capital on behalf of global institutions such as non-profit foundations, endowments, and pensions.
Singapore-Based China Private Equity Group Hillhouse Investment Venture Capital Fund (GL Ventures) & China State-Owned Pudong Venture Capital Launch $280 Million (CNY 2 Billion) Artificial Intelligence Fund to Support Development of Zhangjiang AI Innovation Town (Zhangjiang Science City) in China Shanghai for 1,000 AI Companies
18th September – Singapore-based China private equity group Hillhouse Investment venture capital fund (GL Ventures) & China state-owned Pudong Venture Capital have launched a $280 million (CNY 2 billion) artificial intelligence fund to support the development of Zhangjiang AI Innovation Town (Zhangjiang Science City) in China Shanghai for 1,000 AI companies. Hillhouse Investment – Hillhouse Investment is a long-term investor focused on partnering with quality business leaders to help them grow their organizations globally. For almost 20 years, Hillhouse has worked alongside traditional businesses that have redefined their industries. Our goal is to establish alignment and build sustainable, forward-thinking companies that create lasting value for all stakeholders. Hillhouse is a full life-cycle private equity firm, investing for the long term across opportunities in the healthcare, business services, consumer, and industrials sectors. The firm manages capital on behalf of global institutions such as non-profit foundations, endowments, and pensions.
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