In brief: Hillhouse Capital goes big with $10.6b fund

Hillhouse Capital, known for its investments in Tencent, Baidu, Didi Chuxing, and Meituan Dianping, has raised a record US$10.6 billion for its latest private equity fund that will focus on Asian technology, health care, and consumer sectors, the Beijing-based firm said on Wednesday.

Source: South China Morning Post

The new fund, the fourth for the China-based VC, beats KKR’s US$9.3 billion fund in 2017 as the largest focused on Asia.

Started in 2005 with US$20 million, Hillhouse now has US$50 billion under management.

Private equity firms are scaling up fast after SoftBank’s global Vision Fund, worth US$100 billion, caused shock earlier this year.