Hillhouse Capital raises $10.6 billion in private equity fund

Beijing-based Hillhouse Capital said it has closed its private equity funding round with a subscription of $10.6 billion. The fund will focus at investment opportunities especially in the Asian region to support healthcare, consumer, technology and services sectors.

This surpasses KKR’s buyout fund that raised $9.3 billion in June this year.

Lei Zhang, founder and chief executive officer, Hillhouse Capital, said, “We are deeply grateful for the ongoing trust of our partners. We look forward to working with innovation-minded, world-class businesses and management teams seeking to deploy technology-driven solutions to create value for all stakeholders.”

Hillhouse said it aims to boost growth through digital transformation of traditional businesses, as it has done in the retail space with its buyout of Belle International.  It will continue to work closely with entrepreneurs and management teams for sustainable, long-term growth.

The Chinese investment firm has backed companies like Baidu, Didi, Tencent, Airbnb, Magento and Uber among 131 investments so far. It recently invested in a startup MyDreamPlus that runs co-working spaces. It was founded in 2005 by Lei Zhang using seed funds from Yale University’s endowment.

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