Hillhouse buys min stake in Quest Global

Singapore-based Hillhouse Investment has acquired a minority stake in Quest Global, an engineering services provider backed by Carlyle, although the exact stake size and deal value remain undisclosed. This investment, part of Quest Global's pre-IPO fundraising efforts, reportedly involves a primary capital infusion and secondary sales from angel investors and high-net-worth individuals. Hillhouse's acquisition follows a competitive bidding process where it outbid Temasek for a stake that was initially reported to be around 5% at a $4.5 billion valuation. Founded in 1997 by former GE engineers, Quest Global operates over 93 delivery centres worldwide and employs more than 21,000 personnel, serving major clients such as Pratt & Whitney, Rolls-Royce, and BMW. In addition to this investment, Quest Global is contemplating a strategic move to shift its headquarters from Singapore to Bengaluru, aiming for a listing on Indian stock exchanges. This initiative reflects the company's ambition to enhance its presence in the Indian market amid rising global demand for advanced engineering solutions, as noted by Hillhouse's co-head of global buyout, Sean Carney.