Hillhouse Capital sets up VC unit to raise $1.42b for early-stage investments

Hillhouse Capital sets up VC unit to raise $1.42b for early-stage investments

Commercial buildings including the China Central Television (CCTV) Headquarters, center, stand in the central business district of Beijing. Photographer: Tomohiro Ohsumi/Bloomberg

Asia-focused private equity major Hillhouse Capital Group has launched a dual-currency venture capital unit, GL Ventures, to raise its stakes in early-stage investments, the company said in a WeChat post on Monday.

GL Ventures will primarily focus on venture capital investments in four major areas: biopharmaceutical and medical apparatus, software services and technological innovation, consumer-oriented internet and technologies, as well as emerging consumer brands and services, said the firm.

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