Hillhouse-Backed Ascentium Launches Global Business Services Platform in Singapore

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24 Sep, 2024, 10:00 CST

Lennard Yong Appointed as Founding Management and Group CEO to Spearhead Ascentium's Global Expansion

SINGAPORE, Sept. 24, 2024 /PRNewswire/ -- Ascentium, a new global business services platform backed by Hillhouse Investment, today announced its official launch, the opening of its Singapore headquarters, and the appointment of Lennard Yong as Founding Management and Group CEO. This milestone marks the culmination of an extraordinary year for Ascentium, which has consolidated 5 strategic corporate services acquisitions to form the foundation of its current enterprise in Asia Pacific.

Under the group name Ascentium, the platform aims to globalise business operations and assist clients in scaling greater heights. The company's mission extends beyond Asia Pacific, with plans to expand into key jurisdictions in offshore territories, the UK, and EMEA in the near future.

Ascentium's launch comes at a pivotal moment in global business trends. The world has evolved into multipolar markets, increasing the need for clients to de-conglomerate their global corporations and adapt decisions regionally and locally. This shift coincides with the emergence of a new wave of leaders and talent, inspired by different social and work values, who are driven to excel in organisations that recognise and value their professional service contributions. Furthermore, the advent of technological advancements now allows Ascentium to prioritise improvements in client pain points and internal efficiency. Finally, with the end of more than a decade of low interest rates and higher core inflation globally, there is a growing necessity for investments that prioritise core operating productivity and sustainable real business growth.

Ascentium's first acquisition was InCorp Global, based in 8 markets with headquarters in Singapore. Following 4 additional acquisitions, Ascentium now boasts approximately 1,500 professionals across 9 markets in the Asia-Pacific region, delivering solutions for over 20,000 active clients across diverse industries. With this foundation, Ascentium aims to become a global leading technology-enabled corporate service provider anchored in Singapore, helping its clients and people to scale to greater heights.

Lennard Yong, Founding Management and Group CEO of Ascentium, shared his vision: "I am grateful for the opportunity to build Ascentium with the sponsorship of Hillhouse. From the beginning, Hillhouse shared our observations about shifting global trends and recognised the need for business service providers to capitalise on these changes. Ascentium's core mission is to globalise the world by adapting to these trends and becoming a technology-enabled corporate services provider for our clients."

Lennard continued, "Today marks a significant milestone in our journey. Ascentium was conceived over 12 months ago but is now a reality in 9 markets, employing nearly 1,500 people. I am thankful for the commitment of my leaders and team, especially our Founding Management and Group President, Wendy Wang, the group officers of Ascentium, and the CEOs of our key markets. We are excited for the future and look forward to our partnership with Hillhouse, our clients and our people."

Sean Carney, Partner, Co-Head of Global Buyout at Hillhouse Investment, expressed his support: "Lennard is an experienced industry leader with a proven track record in building business services platforms globally. We are thrilled to partner with his team on Ascentium's growth journey. This partnership aligns with our investment philosophy of supporting businesses that drive transformation and unlock growth potential. Ascentium's understanding of changing global trends, innovative approach, and commitment to client success position it well to address the evolving needs of businesses in a complex global environment."

About Ascentium

Ascentium is a leading global business services platform dedicated to helping businesses scale greater heights. Headquartered in Singapore and backed by Hillhouse Investment, we empower extraordinary growth through specialised expertise across secretarial, finance, payroll, HR administration, family office, fund administration, GRC, and cross-border & FDI specialist services. Our team of 1,500 professionals spans 9 markets in the Asia-Pacific region, serving over 20,000 active clients across diverse industries. Through innovative, technology-enabled solutions and collaborative approach, Ascentium drives transformative growth, helping clients navigate complex global environments.

For more information, visit: ascentium.com

About 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 business services, healthcare, consumer, and industrials sectors. Operating an integrated platform spanning private equity, credit, real assets and public equity, the firm manages capital on behalf of global institutions such as non-profit foundations, endowments, sovereign wealth funds, and pensions.

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