TPG Inc., KKR & Warburg Pincus are among three firms selected to submit binding offers for Acclime, a Hong Kong‑based advisory and corporate services company, in a transaction that could value the firm at more than $900 million. The announcement was made on November 10 2025.
Acclime, founded in 2019 by former Vistra CEO Martin Crawford and Debby Davidson, has grown through organic expansion and strategic acquisitions, including The Advisory Group in New Zealand (April 2025), Bedford in Australia (March 2025), Crowe Singapore, and Boutique Capital. The company reported revenue of $1.2 billion in 2024, up 18 % YoY, and a core earnings figure that supports a valuation multiple in the high‑teens to 20× range.
The bid represents a significant shift for TPG, which has been diversifying beyond traditional private‑equity investments into credit, real‑estate, impact investing, and market‑solutions platforms. Acclime’s recurring fee‑based model and cross‑border service footprint across 18 Asian markets offer TPG a platform to generate steady income and to cross‑sell its portfolio companies’ needs for market entry, accounting, tax, governance, and HR services.
Deutsche Bank is acting as the sale adviser and has set a target closing window of Q4 2025, subject to regulatory approvals from the Hong Kong Securities and Futures Commission and shareholder consent from Acclime’s current owners. The deal is still in early stages, with bidders submitting binding offers and no definitive closing date announced.
Acclime postponed an earlier sale process in 2024 after a valuation review that highlighted the need for a higher multiple to reflect its rapid expansion and the competitive landscape in Asia’s corporate‑services market. The current bid reflects a valuation that aligns with recent comparable transactions, such as EQT’s $6.5 billion merger of Tricor Group and Vistra in 2023.
Analysts view the transaction as a strategic fit that could accelerate TPG’s transition to a diversified alternative‑asset manager. The recurring revenue model and geographic reach of Acclime are expected to complement TPG’s existing platforms, potentially creating synergies that could enhance fee income and broaden client service offerings.
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