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Investor profile

Hillhouse Capital

Private Equity, Venture Capital · Founded 2005 · Dongcheng District, China

Leading Chinese investment manager

378 portfolio companies Private Equity, Venture Capital · $57B invested · 493 investments · Investor rank #58 · Last investment 8/2026
Portfolio companies 378 ↑ 64% 5y
Decacorns 18 ↑ 23% 5y
Thoroughbreds 52 ↑ 7% 5y
01 · Biggest holdings

Hillhouse Capital’s biggest current holdings.

The most valuable companies Hillhouse Capital still holds — unicorns and thoroughbreds it has backed, ordered by Dealroom’s latest valuation. Companies that have been acquired or gone public are in Exits instead. Where a cap table names Hillhouse Capital directly, the stake and its estimated value are shown too.

#CompanyEst. stakeValuationEst. value
  1. 1 YuanfudaoDecacorn · Education · China 9% $15.5B $1.4B
  2. 2 AirwallexDecacorn · Fintech · Singapore $11.0B
  3. 3 LaLaMoveDecacorn · Transportation · Hong Kong 9.7% $10.0B $970M
  4. 4 HeyTeaUnicorn · Food · China 4.5% $9.3B $417M
  5. 5 MeicaiUnicorn · Food · China 8% $7.0B $560M
  6. 6 WeDoctorUnicorn · Health · China $6.8B
  7. 7 ASR MicroelectronicsUnicorn · Semiconductors · China $6.1B
  8. 8 LianjiaUnicorn · Real Estate · China 5.3% $6.0B $318M
  9. 9 CoalitionUnicorn · Security · USA $5.0B
  10. 10 CredUnicorn · Fintech · India $4.5B
  11. 11 WindUnicorn · Fintech · China $3.6B
  12. 12 Beijing EasyShare TechnologyUnicorn · Telecom · China $3.0B

Estimated value = Hillhouse Capital’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. Hillhouse Capital also appears inside investor groups in ByteDance, CertiK, Facily, Galaxy Space, Moka, Silicon Box, Traveloka, where a standalone stake isn’t disclosed. See the underlying cap tables on Dealroom →

02 · Exits

Hillhouse Capital’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from Hillhouse Capital’s transaction record.

$9.3B IPO · 2018
Now $212BEnergy
$47B IPO · 2020
Entered Series B+Now $97BTravel
$6.6B IPO · 2026
Entered Series B+Now $70BEnterprise Software
$4.9B IPO · 2017
Entered Series B+Now $63BGaming
$53B IPO · 2018
Entered Series B+Now $59BTelecom
IPO · 2016
Entered Series ANow $32BHealth
$26B IPO · 2014
Entered Series B+Now $30BHome Living
JD Health
$29B IPO · 2020
Entered Series B+Now $8.3BHealth
$24B IPO · 2021
Entered Series B+Now $7.3BTransportation
$2.0B IPO · 2018
Entered Series B+Now $18BHealth
Kelun-Biotech
$775M IPO · 2023
Entered Series ANow $15BHealth
$2.1B IPO · 2020
Entered Series B+Now $14BReal Estate
03 · Portfolio analysis

Where Hillhouse Capital’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 378 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. China306
  2. USA42
  3. Singapore11
  4. Hong Kong9
  5. India7
  6. South Korea4
  7. UK3
  8. Australia2
  9. Finland2
  10. Germany2
  11. Japan2
  12. Netherlands2
By sectorCount
  1. Health96
  2. Food33
  3. Enterprise Software31
  4. Robotics31
  5. Energy30
  6. Transportation27
  7. Semiconductors23
  8. Fintech17
  9. Marketing13
  10. Real Estate10
  11. Education9
  12. Media9
By stage enteredCount
  1. Series B+195
  2. Series A129
  3. Seed54
By growth stageCount
  1. Late Growth186
  2. Breakout Stage124
  3. Early Growth85
  4. Mature2
04 · Portfolio market map

Inside Hillhouse Capital’s portfolio.

The 60 highest-funded portfolio companies, of 378 tracked.

Meituan
Telecom · Decacorn
$59B
DayOne
Energy · Decacorn
$18B
PT. Global Jet Express
Transportation
$451M
Yuanfudao
Education · Decacorn
$16B
Full Truck Alliance
Transportation · Unicorn
$7.3B
Airbnb
Travel · Decacorn
$97B
Ke.com
Real Estate · Decacorn
$14B
Swiggy
Food · Unicorn
$8.4B
Lianjia
Real Estate · Unicorn
$6.0B
Horizon Robotics
Transportation
$653M
NIO
Energy · Decacorn
$11B
LaLaMove
Transportation · Decacorn
$10B
XPeng
Energy · Decacorn
$14B
JD.com
Home Living · Decacorn
$30B
Cred
Fintech · Unicorn
$4.5B
JD Health
Health · Unicorn
$8.3B
GRAIL
Health · Unicorn
$8.0B
Airwallex
Fintech · Decacorn
$11B
WeDoctor
Health · Unicorn
$6.8B
JD Property
Enterprise Software · Unicorn
$3.2B
Traveloka
Travel · Unicorn
$2.0B
Meicai
Food · Unicorn
$7.0B
Hippo Insurance
Fintech
$667M
Z.ai | Zhipu AI
Enterprise Software · Decacorn
$70B
MiniMax AI
Media · Decacorn
$13B
Abogen Biosciences
Health · Unicorn
$1.2B
ARIDGE
Transportation · Unicorn
$2.5B
Uxin Group
Transportation
$529M
Mobike
Transportation · Unicorn
$2.7B
Earendil Labs
Health · Unicorn
$3.0B
I-Mab Biopharma
Health
$186M
Market Kurly
Food · Unicorn
$1.6B
Coalition
Security · Unicorn
$5.0B
Sea Group
Gaming · Decacorn
$63B
TARS Robotics
Robotics · Unicorn
$1.9B
Innovent Biologics
Health · Decacorn
$18B
DXY
Health · Unicorn
$2.0B
Gossamer Bio
Health
$191M
Bianlifeng
Food · Unicorn
$1.6B
Innocare
Health · Unicorn
$2.9B
Galaxea AI
Robotics · Unicorn
$2.8B
Hesai
Robotics · Unicorn
$2.2B
Zhejiang Taimei Medical Technology
Health
$218M
HeyTea
Food · Unicorn
$9.3B
Weilong Foods
Food
$123M
Omio
Travel
$40M
Chint New Energy Technology(Astronergy)
Energy · Unicorn
$1.6B
Mixue Ice City
Food · Unicorn
$2.8B
Arvinas
Health
$12M
Nature’s Fynd
Food · Unicorn
$1.0B
Woowa Brothers
Food · Unicorn
$4.0B
CarDekho
Transportation · Unicorn
$1.2B
Genor Biopharma
Health
$67M
Mafengwo
Travel · Unicorn
$1.8B
Xreal
Consumer Electronics · Unicorn
$1.0B
Constellation Pharmaceuticals
Health · Unicorn
$1.7B
Mogujie
Fashion
CStone Pharmaceuticals
Health
$932M
Thousand Oaks Biopharmaceuticals
Health
$940M
Arrail Dental Clinic
Health
$800M
05 · Portfolio founders

Where Hillhouse Capital’s portfolio founders come from.

181 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. China119
  2. United States25
  3. Indonesia6
  4. Hong Kong5
  5. South Korea5
  6. Australia4
  7. Singapore3
  8. India2
  9. Japan2
  10. Spain2
UniversityCount
  1. Tsinghua University12
  2. Zhejiang University6
  3. Harvard University4
  4. Indian Institute of Management, Calcutta3
  5. Peking University3
  6. Purdue University3
  7. Stanford University3
  8. The University of Chicago3
  9. University of Melbourne3
  10. Birla Institute of Technology and Science, Pilani2
Previous companyCount
  1. Microsoft5
  2. Baidu4
  3. Alantos Pharmaceuticals2
  4. Alphabet | Google2
  5. Genentech2
  6. German Aerospace Center2
  7. Goldman Sachs2
  8. GSK2
  9. KPMG2
  10. Lucentis2