Hillhouse Capital said to eye CNY20bn for biggest-ever yuan-denominated fund


Chinese private equity major Hillhouse Capital is reportedly eyeing more than CNY20bn ($3bn) for what would be its biggest renminbi-denominated fund yet.

Hillhouse launched fundraising for the vehicle several months ago, Reuters reported, in the hope of being ready to invest in opportunities as the Chinese economy eventually normalises following the coronavirus crisis.

It said Hillhouse was also in the market for up to $13bn for what would be the largest US-dollar fund in Asia, citing unnamed people it said had knowledge of the matter.

That vehicle – Fund V – would include up to $2.5bn for growth investments and $1bn for venture capital deals, it added.

Hillhouse hit a $10.6bn final close for its fourth flagship US-dollar fund in 2018, then the biggest private equity vehicle committed to the region.

It has since been outdone by KKR, with reports last week saying it had passed the $11bn mark for its fourth Asian fund, with an eye on a $12.5bn upper goal.

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