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Private Equity

Hillhouse Capital closes on $10.6 billion for largest Asia private equity fund

Hillhouse Capital Group on Wednesday announced it closed its latest private equity fund, Hillhouse Fund IV, at $10.6 billion, a record amount for an Asia-focused fund.

The latest fund was oversubscribed and the total commitments eclipsed KKR Asian Fund III, the biggest Asian fund at the time of its $9.3 billion June 2017 close.

Lei Zhang, founder and CEO of Hillhouse Capital, said in a news release that in deploying the new fund, Hillhouse — an early backer of Chinese tech giants such as Tencent — would work with "innovation-minded, world-class businesses and management teams seeking to deploy technology-driven solutions to create value for all stakeholders."

U.S. pension funds investing in Hillhouse Fund IV include the $25.6 billion San Francisco City & County Employees' Retirement System, which committed $100 million, and the $30.2 billion Texas County & District Retirement System, Austin, which committed $85 million.