Hillhouse Capital
Private equityChangyang · Seed–Series C
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 3 of 4 portfolio companiesAI & Machine Learning ×1Biotech ×1Consumer ×1Deep Tech ×1Gaming ×1Healthtech ×1Marketplaces ×1Travel & Hospitality ×1
HQs:China×1United States×1
Investments · 4 tracked
founders shown can be your intro path
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(Co-founder & CEO)inNathan Blecharczyk(Co-founder & CSO)inJoe Gebbia(Co-founder)inJoe G.(Founder)inBelinda Johnson(Executive Officer)Laurence Tosi(Chief Financial Officer)
Co-investors137 VenturesA.Capital VenturesA*Aglae VenturesAllied Venture PartnersAmakor+57 more
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
Bioheng develops allogeneic CAR-T cell therapies for cancers and autoimmune diseases, using its Imviva platform and ANSWER technology with immune-evasion science to improve cell therapy performance and persistence.
BiotechHealthtech
Co-investorsDecheng CapitalGL VenturesShenzhen Capital Group
San Diego DNA sequencing company behind the Sequencing by Binding short-read platform; acquired by Pacific Biosciences in 2021.
Co-investorsARCH Venture PartnersDecheng CapitalALTITUDE LIFE SCIENCE VENTURESDomain AssociatesNan Fung Life Sciences
Exits · 1
IPOs and acquisitions across the tracked portfolioAirbnbNASDAQ: ABNB
Portfolio news
latest coverage across their companies/Airbnb%20Inc%20porch%20with%20sunset%20by-%20Dreamer%20Company%20via%20iStock.jpg)
Airbnb · barchart.com · Jul 17, 2026
Bioheng · rickscott.senate.gov · Mar 19, 2026
Omniome · sif.gatesfoundation.org · Feb 3, 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
- 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
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