Hillhouse Investment

Founded in 2005 by Lei Zhang with US$20 million in seed capital from the Yale University endowment, Hillhouse Investment began as a firm focused on global public equities. Early successful bets on Chinese tech giants like Tencent, JD.com, and Baidu helped established its reputation. By 2017, the firm had become a dominant force in the Asia-Pacific region, participating in more private equity acquisitions by transaction value than any other firm in the area.

The firm operates across a broad spectrum of the investment lifecycle. In 2020, it spun off its venture capital unit into an independent fund called GL Ventures, while its flagship private equity funds have broken regional records, including an US$18 billion raise for its fifth flagship fund in 2021. Hillhouse has also expanded into real estate with the launch of its Real Asset Opportunities Fund in 2022.

Headquartered in Singapore, Hillhouse maintains a global presence with offices in major financial hubs including Beijing, Hong Kong, London, New York, and Abu Dhabi. While historically focused on China, the firm has recently diversified its geographical footprint and team, increasing its presence in Japan and Europe. Its investor base includes prestigious university endowments such as Stanford, Princeton, and MIT, as well as major institutional investors like the CPPIB.