Hillhouse upsizes growth fund to $5.2b
Hillhouse Investment, the buyout and growth capital unit of Asia-focused Hillhouse Group, has raised $5.2 billion for a growth equity fund, more than twice the original target.
The vehicle closed at the end of the second quarter, according to four sources close to the situation. Hillhouse declined to comment.
The firm, which invests globally but with a focus on Asia, closed its fourth private equity fund in 2018 with $10.6 billion in commitments. The Fund V vintage was split into three separate funds: Buyout Equity V, Focused Growth V, and Venture V, with targets of $9.5 billion, $2.6 billion, and $1.5 billion. The venture capital strategy operates under the GL Ventures brand.
LPs that have disclosed their participation include Texas County & District Retirement System, San Francisco Employees’ Retirement System (SFERS), South Carolina Retirement System Investment Commission, and Fubon Life Insurance. LPs are not obliged to back every vehicle in the Fund V series. SFERS, for example, is participating in buyout and growth only.
Hillhouse’s core sectors remain healthcare, consumer, technology, and services.
So far this year, the firm has been involved in half a dozen growth deals in Asia of $500 million or more, according to AVCJ Research. They include Indonesia logistics player J&T Express, Chinese vaccine developer Abogen Biosciences, regional delivery specialist Lalamove, JD.com’s infrastructure facilities management arm, and Chinese consumer brands Weilong Delicious Global and HeyTea.
Hillhouse also acquired China-based mattress maker AI Dream for an undisclosed sum and participated in the $4.6 billion privatization of China Biologic Products Holdings.
Only two other Asia-focused, US dollar-denominated private equity funds have achieved final closes in excess of $2 billion in 2021 to date: KKR collected $15 billion for its fourth pan-regional fund, the largest Asia-wide private equity vehicle ever raised; and Boyu Capital raised $6.3 billion for its fifth China vintage, which includes a flagship fund and a smaller growth vehicle.
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