Hillhouse Capital
Private equityChangyang · Seed–Series C
Find your way into Hillhouse Capital
Investment thesis
Hillhouse invests globally in high-quality businesses with the aim of building companies that endure over the long term. Its approach centers on alignment, quality, and sustainability, prioritizing business fundamentals and deep industry insight over short-term gains. The firm emphasizes rigor, patience, and expertise, using research to identify emerging trends and anticipate future needs. Hillhouse works closely with strong management teams, believing that quality leadership and alignment underpin investment success. It targets sectors including healthcare, industrials, energy transition, business services, and consumer, supporting both traditional and evolving businesses in creating lasting value for stakeholders.
Source: firm website, verified Jul 31, 2026.
What they invest in
from 19 of 20 portfolio companiesAI & Machine Learning ×10SaaS ×7Enterprise Software ×5Deep Tech ×4Fintech ×4Biotech ×3E-commerce ×3Hardware ×3
HQs:China×9United States×4Indonesia×1India×1Italy×1Singapore×1
Investments · 20 tracked
founders shown can be your intro pathBy year:2024 · 12022 · 12021 · 12019 · 25 dated
Airbnb is an online marketplace that enables people to book and list accommodations for short-term rentals, experiences, and services around the world.
ConsumerMarketplacesTravel & HospitalitySan Francisco, US
Brian Chesky(Airbnb Co-founder and Chief Executive Officer)inNathan Blecharczyk(Airbnb Co-founder and Chief Strategy Officer)inJoe Gebbia(Airbnb Co-founder)inJoe G.(Founder)inBelinda Johnson(Executive Officer)inLaurence Tosi(Chief Financial Officer)in
Co-investors137 VenturesA.Capital VenturesA*ACME CapitalAglae VenturesAllied Venture Partners+57 more
Fxiaoke is a CRM platform and cloud service provider that builds Agentic CRM systems for mid-to-large enterprises in China.
AI & Machine LearningEnterprise SoftwareSaaSSales TechBeijing, CN
罗旭(Founder and CEO)
Co-investorsQiming Venture PartnersDCMIDG CapitalDCM Ventures
Galaxea AI provides a platform for developing embodied AI systems, offering data collection, quality assurance, model post-training, and deployment tools for robotics developers.
AI & Machine LearningDeep TechDeveloper ToolsHardwareRoboticsBeijing, CN
Co-investorsBaidu VenturesIDG CapitalXiang He Capital
Huice is a cloud-based SaaS provider of integrated intelligent retail solutions that helps retail enterprises upgrade their digital and smart operations.
AI & Machine LearningE-commerceEnterprise SoftwareLogistics & Supply ChainRetail TechSaaSBeijing, CN
Co-investorsGICSoftBank Vision Fund
A robotic process automation (RPA) platform that automates desktop applications, web interfaces, mobile apps, and business processes through workflow recording, task scheduling, and AI integration.
AI & Machine LearningDeveloper ToolsEnterprise SoftwareSaaS
Co-investorsCoatue ManagementGGV CapitalGoldman Sachs
Luok客 (Loock) develops smart locks and home security solutions centered on finger vein recognition technology, serving residential users across China and international markets.
HardwareIoTPropTechBeijing, CN
Co-investorsShunwei CapitalBaiduBaidu VenturesBlueprint Ventures Pte. Ltd.
Zhichi provides an integrated AI-powered customer contact center platform combining chatbots, voice agents, call center systems, and human customer service across multiple channels including WhatsApp for global enterprises.
AI & Machine LearningEnterprise SoftwareSaaSBeijing, CN
Co-investorsIDG CapitalYunqi Partners
XVERSE Technology develops large language models (including the long-context XVERSE-Long-256K) and 3D content generation and rendering technologies, offering products such as an AI interactive reading app and immersive 3D experiences for uses like virtual house viewing, tourism, and marketing.
AI & Machine LearningDeep TechGamingShenzhen, CN
Forrest Yao(Founder)
Co-investorsCPENotable CapitalSequoia CapitalTemasekMorningside Venture Capital Limited
Imviva is a clinical-stage biotechnology company developing allogeneic CAR-T cell therapies for oncology and autoimmune diseases.
BiotechDeep TechHealthtechMedical Devices
Jiangtao Ren(Chief Scientific Officer)Lu Han(Chief Executive Officer)Yajin Ni(Chief Technology Officer)Jan Davidson(Chief Medical Officer)
Co-investorsDecheng CapitalGL VenturesShenzhen Capital Group
CRED is a members-only app for credit card users in India that rewards timely bill payments with offers and premium experiences, and lets members manage multiple cards while tracking spending and credit scores.
ConsumerFintech
Kunal Shah(Founder)in
Co-investorsAlpha Wave GlobalCoatue ManagementFlucas VenturesPeak XV PartnersRainmatterRTP Global+8 more
CRED is a predictive intelligence platform that unifies organizational signals from revenue, talent, product, operations, and finance to predict outcomes 60-90 days in advance and guide enterprise decision-making.
AI & Machine LearningData & InfrastructureEnterprise Software
Jon Carr-Harris(Founder)in
Co-investorsStreamlined VenturesGeneral CatalystGreenoaksMetaRibbit CapitalSequoia Capital+1 more
.png)
Huolala is a logistics platform that integrates social transportation resources to provide same-city and cross-city freight services, household moving, less-than-truckload shipping, and ancillary services.
AI & Machine LearningB2B MarketplacesLogistics & Supply ChainMarketplacesMobility & TransportationShenzhen, CN
Co-investors01vcShunwei CapitalXiang He CapitalSequoia Capital
Lingxing provides an ERP system that integrates cross-border e-commerce operations with financial management, enabling sellers to track profitability, allocate costs by product, and automate financial reporting.
E-commerceFintechLogistics & Supply ChainRetail TechSaaSShenzhen, CN
Co-investorsXiang He CapitalBlue Lake CapitalEastern Bell CapitalShunwei CapitalSource Code Capital
Data-driven intelligent HR SaaS product for enterprises, covering recruitment channels, talent pools and analytics.
Singapore, SG
Orion Zhao(Founder)in
Co-investorsXiang He CapitalGGV CapitalGSR Ventures
Moka.ai operates a licensed brokerage with a built-in decision layer that records the reasoning, confidence level, and time horizon behind each investment, then scores those decisions against outcomes and benchmarks the portfolio against the S&P 500.
AI & Machine LearningFintechSaaS
Co-investorsFerst Capital PartnersEast VenturesGGV CapitalGSR Ventures
Moka is an Indonesian SaaS company that provides a cloud-based point-of-sale (POS) system and digital cash register application for small and medium businesses.
E-commerceFintechRetail TechSaaSNot stated, ID
Co-investorsAC VenturesWavemaker PartnersEast VenturesGGV CapitalGSR Ventures
San Diego DNA sequencing company behind the Sequencing by Binding short-read platform; acquired by Pacific Biosciences in 2021.
BiotechSan Diego, US
David S. Mullarkey(Executive Officer, Director)Arnold Oliphant(Executive Officer)inKen Song, M.D., Ph.D.(Executive Officer, Director)Kelly Perez(Executive Officer)John Murphy, Ph.D.(Executive Officer)Millard Y Chan(Chief Operating Officer, Secretary and Director)
Co-investorsARCH Venture PartnersDCVC (Data Collective)Decheng CapitalLam CapitalALTITUDE LIFE SCIENCE VENTURESDomain Associates+1 more
Silicon Box develops chiplet architecture and semiconductor technologies for advancing frontier technologies.
Deep TechHardwareSemiconductorsNovara, IT
Dr. SutardjaDr. HanWeili
Co-investorsLam CapitalPrysm CapitalUMC CapitalAresBlueRun VenturesInnoVen Capital+1 more
Zilliz provides Zilliz Cloud, a managed vector database and "vector lakebase" built by the creators of Milvus, offering real-time serving, iterative discovery, and batch analytics on a single data source at large scale.
AI & Machine LearningCloud ComputingData & InfrastructureRedwood City, US
Charles Xie(Founder)in
Co-investorsBeyond VenturesProsperity7 VenturesTrustbridge PartnersYunqi Partners
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Exits · 2
1 IPOs · 1 acquisitions · showing 1AirbnbNASDAQ: ABNB
Portfolio news
latest coverage across their companies
Moka · thedailystar.net · Sep 6, 2026
Moka · thedailystar.net · Sep 6, 2026
/Airbnb%20Inc%20porch%20with%20sunset%20by-%20Dreamer%20Company%20via%20iStock.jpg)
Airbnb · barchart.com · Jul 17, 2026
CRED · entrepreneur.economictimes.indiatimes.com · Jun 26, 2026
CRED · bloomberg.com · Jun 23, 2026
Silicon Box · dealstreetasia.com · Jun 9, 2026
Lingxing · sahmcapital.com · Apr 28, 2026
Fund performance · per public LP disclosures
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Hillhouse Focused Growth VLPs: South Carolina Retirement System Investment Commission, John D. and Catherine T. MacArthur Foundation | 2021 | — | 10.3% | — | — |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has Hillhouse Capital made?
- Hillhouse Capital has 20 tracked investments, 2 of which have exited.
- What stage does Hillhouse Capital invest at?
- Hillhouse Capital invests at the Seed, Series A, Series B, Series C stages.
- What is Hillhouse Capital's typical check size?
- Hillhouse Capital typically writes checks of $2.9M – $220M.
- What sectors does Hillhouse Capital focus on?
- Hillhouse Capital focuses on Advanced Manufacturing, Biotech, Consumer, Energy, Healthtech, SaaS.
- Where is Hillhouse Capital located?
- Hillhouse Capital is headquartered in Changyang, CN.
- Does Hillhouse Capital lead rounds?
- Yes, Hillhouse Capital leads investment rounds.
Media · Podcasts & interviews
from their channelSiddhartha Hari and Shirish Apte on the topic of India: Emergence of the Digital Payments Powerhouse
Hillhouse Investment
The Challenges to Long termism in Global Investment with Mark Wiseman & Sean Carney
Hillhouse Investment
Lei Zhang, Chairman & Founder of Hillhouse Investment at Global Financial Leaders’ Summit, 2023
Hillhouse Investment
The Next Phase of Private Equity for Institutional Investors with Theresa Whitmarsh & Adam Hornung
Hillhouse Investment
Hillhouse’s Tracy Ma on the firm’s history and what makes it unique
Hillhouse Investment
Similar investors
.jpeg){kind=logo}
B Capital is a global investment firm backing early to late-stage technology innovators across technology, healthcare, and energy & resilience sectors.
Blume Ventures is a seed and pre-Series A investment firm headquartered in Mumbai that focuses on early-stage companies in India.
Khosla Ventures is a venture capital firm founded by Vinod Khosla.
IDG Capital is a multi-strategy investment platform founded in 1993 that supports entrepreneurs across the full business lifecycle, bridging East and West with a global presence and over 300 professionals.
Korea Investment Partners is a South Korea-based venture capital firm that invests across multiple stages from early-stage startups through growth and buyout transactions, including venture debt and mezzanine financing. The firm operates across venture capital, middle market, and growth equity investment categories.