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Hillhouse Capital raises record US$10.6 billion for private equity fund focused on Asia tech and health care

Wednesday, September 19, 2018

(SCMP by Laura He) - Hillhouse Capital, known for its investments in Tencent Holdings, Baidu, Didi Chuxing and Meituan Dianping, has raised a record US$10.6 billion for its latest private equity fund that will focus on Asian technology, health care and consumer sectors, the Beijing-based firm said on Wednesday.

Hillhouse Capital Fund IV is likely to have beaten KKR’s record of US$9.3 billion to become the largest pool of private equity capital ever raised with a focus on the Asia-Pacific region, according to figures from data provider PitchBook.

Just like what Hillhouse did with its previous buyout of shoe retailer Belle International, “the fund will [also] maintain focus on using Hillhouse’s expertise in technology to transform traditional businesses”, the investment management firm said in a statement.

Lei Zhang, founder and CEO of Hillhouse Capital, said that they will continue working with businesses and management teams to “deploy technology-driven solutions”.



View full announcement here