Private equity giant Hillhouse has agreed to acquire Harneys Fiduciary, the fiduciary business of offshore law firm Harneys, for an undisclosed amount.

The final closing of the deal is subject to the completion of the separation of the fiduciary business from Harneys’ law firm business and other customer closing conditions, Harneys said.

Harneys Fiduciary, established in 1974, is an offshore corporate services provider that offers corporation administration, trust, and fiduciary services in the British Virgin Islands, the Cayman Islands, Hong Kong, and Singapore, among others.

Its client base includes financial institutions, investment funds, and international law firms.

Per the announcement, Harneys Fiduciary CEO Ross Munro and chief commercial officer Pia Buchi will continue to lead the fiduciary business upon the closing of the transaction.

The sale is expected to provide Harneys with the means to invest in the strategic growth of the law firm, with a focus on innovation that includes the development of new products, services, and technology.

A significant portion of the sale proceeds will be reinvested back into Harneys through the creation of Harneys Accelerator Fund. William Peake, the global managing partner of Harneys, said the fund will allow the firm to invest in new technologies and explore new markets.

Beijing-based Hillhouse invests across a range of sectors, including business services, healthcare, energy transition, industrials, and consumer.

According to reports, the firm has around $65 billion in total assets under management as of last year. Founded in 2005, the firm is best known for its bets in China’s biggest startups, including internet giant Tencent and e-commerce major JD.com.

In September last year, the firm set up the Aseed+ project, highlighting the expansion of its bets on the seed stage. Hillhouse is a backer of Chinese auto chip startup Horizon Robotics, electric vehicle brand NIO, Boston-based Neumora Therapeutics, and biotech firm BeiGene.