Tencent’s early backer Hillhouse Capital, Asia Alternatives bag $125m from US fund SFERS

The US fund will allocate nearly US$50 million to Asia Alternatives Capital Partners VI, as well as up to US$75 million to Hillhouse Fund V and the Hillhouse Focused Growth Fund.

Hillhouse is the early backer of tech giant Tencent, ecommerce giant JD.com, and search engine Baidu. Last month, the private equity firm was reportedly seeking to raise over US$3 billion to get ready for “the eventual normalization of the Chinese economy,” Reuters reported.

Meanwhile, Asia Alternatives,  founded in 2005, currently manages over US$11 billion across its fund vehicles. It invests across Asia, primarily in Mainland China, Taiwan, Hong Kong, Japan, Korea, Southeast Asia, India, and Australia.

This is part of SFERS’ US$275 million investment that it disclosed last month. It will also deploy US$75 million to OrbiMed Private Investments VIII, US$50 million in Blue Torch Credit Opportunities Fund II, and US$25 million in Lead Edge Capital.