Chinese Dealmaker That Backed Tencent Casts a Wider Startup Net
- Hillhouse is setting up a team to focus on seeding startups
- Team led by Li Liang will specialize in deals of $2-3 million
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Hillhouse, the private equity firm known for its bets on Tencent Holdings Ltd. and JD.com Inc., is now looking to back startups far earlier in their life cycles.
The China-focused firm has set up a dedicated team with a mandate to seed 100 startups in three years, focusing on areas like new energy and biotechnology that have gained favor since Beijing cracked down on gaming and the consumer internet. Led by founding partner Li Liang, it will specialize in deals of $2 million to $3 million, far smaller than the investments the firm is generally known for.