Hillhouse Investment

What Hillhouse Investment does

Hillhouse Investment is a Singapore-headquartered global investment management firm founded in 2005 by Lei Zhang, managing over US$100 billion in assets across public equities and private equity. The firm invests with a long-term horizon in healthcare, industrials, energy transition, business services, and consumer opportunities, with portfolio companies headquartered in over 25 countries. Its core platform comprises a bottom-up fundamental research methodology cultivated over nearly 20 years, supplemented by specialized sub-strategies: Rava Partners (real assets, co-headed by Joe Gagnon), Elham Credit (private credit, co-headed by Siddhartha Hari), and CareCapital (healthcare/dental). Hillhouse also operates and backs operating platforms such as Ascentium (global business services serving 20,000+ Asia-Pacific clients), Novarete (digital process management in healthcare/insurance), and EZA Hill (logistics real estate). Internally, Hillhouse runs proprietary digital talent cycle tools including an assessment platform, internal referral system, e-learning app, and a talent dashboard with heat-mapping analytics. The firm employs 50+ investment professionals drawn from over 18 countries, with women representing more than 50% of the workforce.

Name

Hillhouse Investment

Legal name

Hillhouse Group

Website

https://hillhouseinvestment.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

251–500 employees

Short description

Hillhouse Investment is a Singapore-headquartered global investment management firm managing over US$100 billion in assets, investing long-term across healthcare, industrials, energy transition, business services, and consumer sectors in 25+ countries, serving institutional limited partners and operating specialized real assets, private credit, and healthcare sub-strategies.

Ownership category

akta.pro rank

Product category

Private Equity / Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Real Estate Dealers (For Their Own Account) (6532), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Private Equity Buyout Fund-of-Funds (FSANAGAD)

akta.pro secondary industries

Growth Equity Fund-of-Funds (FSANAGAE), Large-Cap Equity (Active) (FSAAAIAA), Real Assets — Infrastructure (Core/Core+, Brownfield/Greenfield) (FSAHAIAC)

Keywords

• Private equity funds
• Asset management services
• Growth capital investing
• Buyout fund management
• Alternative investments

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Private equity fund management fees: Hillhouse earns management fees and carried interest from its private equity funds, including the Asia-focused buyout fund (US$7 billion target) and growth strategy fund (US$1-1.5 billion target). The firm invests its own capital (US$1-2 billion planned) alongside limited partners, aligning interests and generating performance-based returns.
2. Capital appreciation and exit returns: Hillhouse's five-year-old Fund V reported a net IRR of 10 percent as of September 2025. The firm generates returns through portfolio company exits via IPOs, strategic sales, and secondary transactions, as well as through ongoing investment gains.
3. Strategic co-investment and partnership returns: Hillhouse participates in cornerstone investor commitments for portfolio company IPOs (e.g., Sigenergy, Victory Giant, METiS TechBio, Seer Robotics, Gpixel), generating returns through equity appreciation and strategic positioning. Also participates in convertible note private placements (e.g., Yatsen US$120 million placement).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Hillhouse Investment is a global alternative investment firm that manages private equity and public equity funds on behalf of institutional investors. It invests across the corporate lifecycle in healthcare, industrials, energy transition, business services, and consumer sectors, generating returns through management fees, carried interest, and capital appreciation from portfolio companies in 25+ countries.

Product overview

Hillhouse Investment operates as a global investment firm structured around a core private equity and public equities platform with multiple specialized sub-strategies and sub-brands. The core Hillhouse Investment platform (founded 2005 in Asia) invests across healthcare, industrials, energy transition, business services, and consumer opportunities, with Rava Partners serving as the dedicated real assets strategy (covering real estate and infrastructure such as Dash Living and EZA Hill), Elham Credit as the dedicated private credit strategy, and CareCapital as the healthcare/dental-focused sub-brand. Together, these vehicles form a unified investment platform spanning all stages of a company's life cycle across more than 25 countries, supplemented by Hillhouse-backed operating platforms such as Ascentium (global business services) and Novarete (digital process automation in healthcare/insurance).

Differentiator

Problem solved

Functional benefit

Brands

• Rava Partners: Hillhouse's real assets strategy, co-led by Joe Gagnon; backs transactions such as Dash Living's US$400 million Tokyo multifamily acquisition.
• Elham Credit

Products and services

• Hillhouse Investment Management Platform Core global investment management platform investing across the corporate lifecycle in healthcare, industrials, energy transition, business services, and consumer opportunities, with a portfolio spanning companies headquartered in over 25 countries. Designed for institutional limited partners seeking Asia-focused private equity exposure.
• Asia-Focused Buyout Fund Buyout fund vehicle targeting US$7 billion in commitments, focused on control buyouts across Asia. The fund is Hillhouse's flagship private equity buyout offering for institutional limited partners.
• Growth Strategy Fund Growth equity fund vehicle targeting US$1 billion to US$1.5 billion, providing minority growth capital to high-quality businesses across sectors. Targeted at institutional investors seeking growth-stage Asia exposure.
• Rava Partners Hillhouse's real assets strategy co-headed by Joe Gagnon, focused on real estate and infrastructure investments across Asia Pacific. Backs platforms such as Dash Living (rental housing) and EZA Hill (logistics real estate), and supports Gulf region expansion.
• Elham Credit Hillhouse's private credit strategy co-headed by Siddhartha Hari, providing credit and debt financing solutions as part of the firm's diversified investment offerings for institutional investors.

Quantifiable outcome

• Fund V net IRR of 10% as of September 2025
• +5 more outcomes

Named customers22 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

18 partnerships are on record, tiered flagship, core and minor.

• ADGM (Abu Dhabi Global Market)flagshipStrategic or Co-development Partner · 14 May 2026Hillhouse opened office in Abu Dhabi within ADGM with a Category 3C license from FSRA. Joined other major institutions managing over $4.4 trillion in combined assets, including Capital Group, Man Group, Bain Capital, and others, in establishing presence in ADGM.
• Marsh McLennan (Mercer Private Client Services)flagshipStrategic or Co-development Partner · 11 May 2026Hillhouse Investment Management acquired the Asia-based Private Client Services (PCS) business from Mercer, a subsidiary of Marsh McLennan. PCS, founded in 2003, offers wealth protection and integrated life insurance solutions serving more than 8,000 high-net-worth clients across approximately 50 markets with offices in Singapore, Hong Kong, Shanghai, Geneva, and Zurich. Transaction pending regulatory and customary approvals.
• Dash Living (Rava Partners)coreStrategic or Co-development Partner · 19 March 2026Dash Living, backed by Rava Partners (Hillhouse's real assets strategy), acquired approximately US$400 million portfolio of eight multifamily assets in Tokyo spanning 550 keys across prime residential districts. Brings Dash Living's portfolio to over 2,000 keys across 42 locations in Hong Kong SAR, Singapore, and Japan, with over US$1.1 billion in AUM.
• Modern Dental GroupcoreStrategic or Co-development Partner · 23 January 2026Hillhouse Investment is close to acquiring a 17% stake in Hong Kong-listed Modern Dental Group Ltd., with the potential transaction announced soon.
• WuXi AppTecflagshipStrategic or Co-development Partner · 16 December 2025Hillhouse acquired WuXi AppTec's China clinical research services business (Shanghai WuXi Hongyi Clinical Research Co., Ltd. and Shanghai WuXi Medkey Pharmaceutical Technology Co., Ltd.) for approximately RMB 2.8 billion (USD 400.65 million) on December 16, 2025. Transaction documents signed October 24, 2025. Expected to generate RMB 960 million in after-tax net profit for WuXi AppTec. Advisory support from Fangda Partners, Wilson Sonsini, and Haiwen & Partners.
• Fangda Partners / Wilson Sonsini / Haiwen & PartnersminorImplementation/ SI/ Consulting Partner · 16 December 2025Fangda Partners, Wilson Sonsini, and Haiwen & Partners provided advisory support for the WuXi AppTec China clinical research services sale to Hillhouse.
• Morgan Stanley and Goldman Sachs (Igis advisers)coreImplementation/ SI/ Consulting Partner · 9 December 2025Morgan Stanley and Goldman Sachs advised Hillhouse on the Igis Asset Management acquisition through a 'progressive deal' process.
• Igis Asset Management (Korea)flagshipStrategic or Co-development Partner · 8 December 2025Hillhouse selected as preferred bidder to acquire Igis Asset Management, Korea's largest real estate manager, for 1.1 trillion won ($748 million). Acquiring 98.8% stake through its Japanese property developer, Samty Holdings. Deal faces regulatory hurdles due to national security concerns. Deal valuation: approximately $746 million. Morgan Stanley and Goldman Sachs advised on the 'progressive deal' process.
• Smart Share Global (Energy Monster)coreStrategic or Co-development Partner · 15 August 2025Hillhouse submitted a preliminary non-binding acquisition proposal for Smart Share Global Limited (Nasdaq-listed Chinese mobile device charging service) at $1.77 per ADS. The company is already bound by a definitive merger agreement with Trustar Mobile Charging Holdings Limited backed by CEO Mars Cai. A special committee is evaluating the Hillhouse proposal.
• Ascentium (Virtuzone)flagshipStrategic or Co-development Partner · 21 January 2025Ascentium, a Hillhouse-backed global business services platform headquartered in Singapore, acquired Virtuzone (a major UAE corporate services provider). Deal aims to establish stronger foothold in the Middle East and expand regional presence in the Gulf Cooperation Council area. Ascentium serves over 20,000 clients across Asia-Pacific.
• Samty Holdings (Japan)flagshipStrategic or Co-development Partner · 12 December 2024Hillhouse completed a US$1.1 billion tender offer to acquire Samty Holdings, a Japanese property developer. Hillhouse used Samty Holdings as the vehicle to acquire 98.8% stake in Korea's Igis Asset Management.
• CarDekho GroupcoreStrategic or Co-development Partner · 28 November 2024Hillhouse is an investor in CarDekho Group; net revenue increased 54% to Rs 2,074 crore in FY24, demonstrating portfolio growth.
• EZA Hill (ESR Jakarta logistics portfolio)coreStrategic or Co-development Partner · 27 November 2024Hillhouse's EZA Hill bought a US$148 million Jakarta logistics portfolio from an ESR fund, expanding logistics real estate presence in Indonesia.
• Dulwich College International (EiM)minorStrategic or Co-development Partner · 22 November 2024Hillhouse is among the investors behind EiM, the group that runs Dulwich College International schools globally.
• SK Eco Prime (Hahn & Co)minorStrategic or Co-development Partner · 15 October 2024Hahn & Co completed sale of SK Eco Prime with Hillhouse involvement as buyer/investor in the deal.
• Harneys (fiduciary business)minorStrategic or Co-development Partner · 3 August 2024Harneys sold its fiduciary business to Hillhouse, expanding Hillhouse's legal/fiduciary services footprint.
• TA Associates (sell-side) / InCorp GlobalflagshipStrategic or Co-development Partner · 8 February 2024Hillhouse Investment acquired Singapore's InCorp Global from private equity firm TA Associates. The move is aimed at accelerating growth and expanding service capabilities in Asia Pacific and Europe. Baker McKenzie Wong & Leow provided legal representation.
• Baker McKenzie Wong & LeowminorImplementation/ SI/ Consulting Partner · 8 February 2024Baker McKenzie Wong & Leow provided legal representation for Hillhouse's acquisition of InCorp Global from TA Associates.

Scale indicators10 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• MBK Partners: Largest Korea/Asia-focused buyout firm pursuing control and partnership investments in consumer, financial services, and industrials. Directly comparable as a regional PE platform with Asia buyout focus and similar target portfolio profile.
• PAG (Pacific Alliance Group): Asia-focused alternative investment firm spanning private equity, real estate, and absolute return strategies. Most directly comparable peer given similar Asia-anchored, multi-strategy alternatives model with institutional LP distribution.
• Warburg Pincus: Global growth-oriented private equity firm with deep Asia franchise across consumer, healthcare, business services, and technology. Closely comparable to Hillhouse's growth and buyout strategies targeting similar high-quality businesses across the corporate lifecycle.
• Boyu Capital: Asia-focused private equity firm executing large buyouts and growth investments across China and Greater Asia. Comparable as an Asia-centric PE platform frequently co-investing alongside Hillhouse in cornerstone IPO allocations and platform deals.

Broad incumbents

• TPG: Global private equity firm with significant Asia activity and multi-strategy expansion. Comparable as a global PE platform pursuing sector specializations similar to Hillhouse's healthcare, consumer, and infrastructure theses.
• Apollo Global Management: Large alternatives platform with a credit-heavy model complemented by PE and real assets. Comparable as a diversified alternatives platform; Hillhouse's Elham Credit strategy aligns with Apollo's credit orientation, though Apollo operates at much greater scale.
• KKR: Global PE and credit platform with a sizeable Asia-Pacific franchise spanning buyout, infrastructure, and credit strategies. Comparable as a multi-strategy alternatives manager investing across the corporate lifecycle, though with deeper credit and infrastructure franchises than Hillhouse.
• Bain Capital: Global PE firm with strong Asia operations and broad sector coverage across PE, credit, real estate, and venture. Directly comparable as a multi-strategy alternatives manager pursuing Asia buyout/growth opportunities alongside broader global mandates.
• Carlyle Group: Global alternative asset manager with established Asia buyout and growth franchises alongside credit and real assets. Comparable in multi-strategy structure and global LP base, though typically more diversified across geographies and asset classes.
• Blackstone: Largest global alternative asset manager operating across private equity, real estate, credit, and hedge funds with substantially more AUM. Directly comparable as a multi-strategy alternatives platform with global LP distribution, though much broader and more diversified than Hillhouse's Asia-centric platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@HillhouseInvestment
• LinkedInlinkedin.com/company/hillhouse-capital-management

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments488 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hillhouse Investment