Barings backs Warburg Pincus's $1B buyout of Acclime

What's the deal? Barings has underwritten the debt financing for Warburg Pincus's acquisition of AcclimeDealroom has a profile for this one. Try Dealroom →, an Asia-focused corporate services provider. Financial terms were not disclosed, though a December 2025 Reuters report valued the Hong Kong firm at between $950 million and $1 billion.

What each side does: Barings, a subsidiary of US insurer MassMutual, managed about $502 billion in assets as of June 30, 2026. Warburg Pincus is a private equity firm that in January 2026 raised $3 billion for its largest dedicated financial services fund to date.

Meet the target: Founded in 2019 by Martin Crawford and Debby Davidson, Acclime provides accounting, tax, payroll, corporate secretarial, fund administration, and advisory services across 18 Asia-Pacific markets. It now employs more than 2,000 people serving over 17,000 clients.

Why now? Barings has been Acclime's sole senior lender since August 2021, funding its expansion through organic growth and more than 50 acquisitions. In 2024, it provided debt facilities exceeding $150 million to back the firm's growth.

What's the endgame? Barings acted as an original underwriter and will continue to support Acclime under new ownership. The deal marks the first Asia-Pacific transaction between Barings and Warburg Pincus, extending an existing global relationship.

The signal: Both firms are betting on consolidation in the region's fragmented corporate services sector. "This transaction underscores our continued conviction in Acclime as a leading consolidator in a structurally growing and diverse market," said Shane Forster, Barings' head of Asia Pacific investment management for global direct lending.

Read more: DealStreetAsia

Image credit: Nicolas Vollmer