Chinese investment powerhouse Hillhouse Capital is raising over RMB 20 billion (USD 3 billion) for a new RMB fund, which if materialized could be the firm’s largest-ever yuan-denominated fund, Reuters reported citing people familiar with the deal.
The fundraising process began in recent months and—even though there was no indicated time frame of closing the deal—could take six months to a year to complete.
Hillhouse Capital is known for raising Asia’s biggest private equity fund in 2018, it had backed internet tycoons like social media and gaming giant Tencent (HKG: 0700), e-commerce operator JD.com (NASDAQ: JD), ride-hailing giant Grab since their early years.
More on Hillhouse Capital please read: Turning billions into trillions: How a Chinese VC struck gold in healthcare
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.