Hillhouse Combines Public Investments Into Over $15 Billion Fund

Zhang Lei’s Hillhouse has combined three public markets funds into a vehicle of at least $15 billion, in the largest reorganization in years to make the unit more nimble, said people with knowledge of the matter.

Over the summer, the investment firm merged its flagship hedge fund with a long-only fund specializing in domestically listed Chinese shares and one set up in 2023 to buy beaten-down Chinese stocks, said the people, who asked not to be identified discussing private information. The assets of the combined fund were still being tallied, pending investors’ decisions to stay or exit as well as any performance gains since the move, the people added.