Hillhouse Investment

Founded in 2005 by Lei Zhang with US$20 million in seed capital from the Yale University endowment, Hillhouse Investment began by investing in public equities with early stakes in major Chinese technology companies like Tencent, JD.com, and Baidu. Over the following decades, the firm expanded significantly, becoming one of the most active private equity acquirers in the Asia-Pacific region. In 2021, the firm raised US$18 billion for its fifth flagship private equity fund, setting a record for the largest capital raise by a private equity firm in Asia at the time.

The firm operates globally with a presence in Singapore, Hong Kong, Beijing, Shanghai, London, New York, and Abu Dhabi. While historically heavily focused on China, the firm has recently diversified its geographical presence, increasing staff in Japan and Europe. Hillhouse manages capital for prominent institutional investors, including the endowments of leading American universities such as Yale, Stanford, Princeton, and MIT, as well as major pension boards like the CPPIB.

Hillhouse employs a multi-stage investment approach, spanning venture capital (through its independent GL Ventures unit), growth equity, and large-scale buyouts. In addition to its core private equity activities, the firm expanded into real estate in 2022 with the launch of the Hillhouse Real Asset Opportunities Fund and engages in strategic joint ventures to expand international brands into the Chinese market.