HONG KONG (Reuters) – Hillhouse Capital, an broker in top Chinese technology firms including Tencent (0700.HK) and Baidu (BIDU.O), has bankrupt its latest allotment annular at $10.6 billion, it said, authoritative it the region’s better clandestine disinterestedness basic raising.
The new fund, Hillhouse Armamentarium IV, will attending for advance opportunities beyond the healthcare, consumer, technology and casework sectors globally, with a focus on Asia, the aggregation said in a account on Wednesday.
Hillhouse’s $10.6 billion fundraising exceeded the $9.3 billion aloft by clandestine disinterestedness close KKR & Co’s (KKR.N) Asia-focused buyout armamentarium in June 2017, which was a almanac for the arena at that time.
Hillhouse, a Chinese advance close founded in 2005 by Zhang Lei with berry allotment from Yale University’s endowment, is amid several China-focused advance managers that accept funds in both U.S. and Chinese currencies.
Hillhouse said the new fund, which would advantage its capabilities to drive abiding advance in portfolio companies, was heavily oversubscribed.
The Hillhouse armamentarium adds to a massive industry-wide basin of money for Asian acquisitions and investments, with investors admiring by accelerated bread-and-er advance and a growing cardinal of technology companies compared to added above markets.
In June, Blackstone Group LP (BX.N) said it had aloft about $9.4 billion for two new funds – the largest-ever armamentarium committed to absolute acreage investments in Asia as able-bodied as its aboriginal clandestine disinterestedness armamentarium for the region.
A Hillhouse-led bunch aftermost ages bidding an absorption to action $46 per allotment for Yum China Inc (YUMC.N), which was after alone by the better fast-food alternation in China, Reuters reported, citation sources.
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