China's Hillhouse raises $2b private equity fund - report

The firm, which was founded by Lei Zhang in 2005 and received seed funding from the Yale University endowment, relied solely on commitments from existing investors when raising the new fund, Bloomberg reported. It takes Hillhouse's assets under management to approximately $18 billion.

Previous private equity investments have come from the firm's main Gaoling Fund, which has a combination of public and private markets exposure. Hillhouse describes itself as a long-term, stage-agnostic fundamental equities investor that will back companies ranging from start-ups to established listed players.

The firm, which has offices in Beijing, Hong Kong and Singapore, invests globally but with a particular focus on Asia. Its domain expertise covers the consumer, internet, media and healthcare sectors.

Hillhouse was an early investor in the likes of Tencent Holdings and JD.com. In December the firm trimmed its holding in JD.com from 11.2% to 11%, taking out $54.1 million as part of a placement that saw a group of investors realize proceeds of $618.9 million. It also made a partial exit through the company's $1.78 billion IPO earlier in the year and its remaining stake is worth around $3.6 billion.

In recent months Hillhouse has also served as a cornerstone investor for public offerings by the likes of CGN Power and Xiabu Xiabu, backed Chinese drug developer BeiGene, and participated in Southeast Asia taxi-booking app GrabTaxi's Series C round.

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• Topics
• Fundraising
• Greater China
• Hillhouse Capital Management
• Fundraising
• China