Hillhouse Capital targets to raise $12b for buyout, growth funds: Report

Private equity firm Hillhouse Capital Group is seeking to raise an aggregate of $12 billion for its buyout and growth vehicles and is following a separate fundraising strategy for both, AVCJ reported.  

Hillhouse is seeking to gather $9.5 billion for the buyout fund, while the remaining amount would flow into the growth fund, the report added, citing a source familiar with the matter.

According to Chinese local media, Hillhouse Capital was said to have started the USD-denominated vehicle’s fundraising in April this year targeting to raise $13 billion, with the buyout fund allocation at nearly $10 million. 

Apart from the USD fund, Hillhouse Capital is also raising over $20 billion yuan ($3 billion) for an  RMB-denominated fund, Reuters reported in September 2020.

The private equity major closed the predecessor vehicle, USD-denominated Hillhouse Fund IV, at $10.6 billion in 2018 targeting investments across healthcare, consumer, technology and services sectors globally, with a focus on Asia, per its website. 

Founded by Lei Zhang in 2005 in Beijing, Hillhouse has positioned itself as a global investor with a focus on Asia.

Hillhouse’s marquee limited partners include Canada Pension Plan Investment Board, San Francisco Employees’ Retirement System, Yale University, Mayo Clinic, among others. 

Its prominent portfolio companies include Airbnb, Uber, Traveloka, Didi, JD.com, Tencent, Meituan, NIO, Beijing-based global biotechnology firm Beigene, Chinese women’s shoe retailer Belle International, among others. 

Per its press release in October, three of Hillhouse-backed Chinese companies went public including Hong Kong-listed biopharmaceutical powerhouses Genor Biopharma and Everest Medicines, as well as New York-listed retailer MINISO Group Holding.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.