Hillhouse, VMG target consumer brands

The firms will provide growth capital to companies with differentiated offerings looking to expand their global reach, according to a release. Hillhouse will focus on supporting Asia expansion. The partnership has already made its first investment in European baby food maker Little Freddie, which will use the new capital to grow its presence in China and the UK.

Hillhouse closed its latest fund earlier this year at $10.6 billion, setting a record for regional fundraising. It targets investments in healthcare, consumer, technology, and services worldwide, with a focus on Asia. The firm takes a flexible approach to its investments, committing capital across a range of deal types and sizes.

Deals announced this year include a RMB1 billion ($145.5 million) funding round for Chinese retailer Miniso alongside Tencent Holdings and a $55 million Series D round for online learning services provider Kaochong. The firm has also seen several high-profile IPOs, with Meituan-Dianping raising HK$33.1 billion ($4.2 billion) in Hong Kong and electric car maker Nio raising $1 billion in the US.

VMG is a frequent investor in the food and beverage industry, along with pets, personal care, and wellness. It has partnered with Hillhouse previously to back US-based companies such as pet food maker Solid Gold, protein drink maker Ancient Nutrition, and brewer Stone Brewing Company, which recently entered Shanghai.

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• Topics
• Greater China
• Fundraising
• GPs
• Growth
• Consumer
• China
• Hillhouse Capital Management