Hillhouse Investment Management, Ltd.
- Regulatory AUM
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- Discretionary
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- Clients
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- Avg AUM / client
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- Accounts
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- Employees
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AUM over time
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Private funds (17)
View all →Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $53.7B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Hillhouse Fund Iv, L.P. master | Private Equity Fund | Cayman Islands | $14.5B | 182 |
| Hillhouse Fund V, L.P. master | Private Equity Fund | Cayman Islands | $14.1B | 318 |
| Hillhouse Fund Iii, L.P. master | Private Equity Fund | Cayman Islands | $5.9B | 115 |
| Hillhouse Focused Growth Fund V, L.P. master | Private Equity Fund | Cayman Islands | $5.4B | 222 |
| Hillhouse Fund Ii, L.P. master | Private Equity Fund | Cayman Islands | $4.1B | 105 |
| Hillhouse Venture Fund V, L.P. master | Private Equity Fund | Cayman Islands | $1.9B | 139 |
| Hillhouse Real Asset Opportunities Fund, L.P. master | Private Equity Fund | Cayman Islands | $1.8B | 43 |
| Hillhouse Venture Fund Vi, L.P. master | Private Equity Fund | Cayman Islands | $1.8B | 114 |
| Hillhouse Healthcare Fund, L.P. master | Private Equity Fund | Cayman Islands | $1.1B | 130 |
| Nobel Fund I, L.P. | Private Equity Fund | Cayman Islands | $801M | 34 |
| Hillhouse Climate Fund, L.P. master | Private Equity Fund | Cayman Islands | $741M | 61 |
| Keel Fund I, L.P. | Private Equity Fund | Cayman Islands | $731M | 16 |
| Hhbg Ii Investment, L.P. | Private Equity Fund | Cayman Islands | $513M | 2 |
| Dgd Investment, L.P. | Private Equity Fund | Cayman Islands | $241M | 1 |
| Hillhouse Hawthorn Venture Opportunities Fund Vi, L.P. master | Private Equity Fund | Cayman Islands | $52.2M | 2 |
People (7)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Zhang, Lei | Shareholder | Dec 2011 (15y) | ≈ 42.19% – 100% via Hillhouse Group Holdings Limited | |
| O'connell, Colm John | Director | Jul 2013 (13y) | Less than 5% | |
| Yi, Qingqing, (Michael) | Co Chief Investment Officer | Jan 2020 (7y) | Less than 5% | |
| Kidner, Bridget, Nichola | Director | Mar 2020 (6y) | Less than 5% | |
| Hornung, Richard, A. | Co Chief Operating Officer, General Counsel | Sep 2022 (4y) | Less than 5% | |
| Ma, Cuifang, (Tracy) | Co Chief Operating Officer | Sep 2022 (4y) | Less than 5% | |
| Woon, Audrey, Hui | Chief Compliance Officer | Sep 2022 (4y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Hillhouse Group Limited | Shareholder | Jan 2012 | A | 75% or more |
| Hillhouse Group Holdings Limited | Shareholder | Dec 2011 | B | ≈ 56.25% – 100% via Hillhouse Group Limited |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Zhang, Lei: 75% – 100% of Hillhouse Group Holdings Limited × 75% – 100% of Hillhouse Group Limited × 75% – 100% direct ≈ 42.19% – 100% of the firm
- Hillhouse Group Holdings Limited: 75% – 100% of Hillhouse Group Limited × 75% – 100% direct ≈ 56.25% – 100% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (17, $53.7B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Hillhouse Fund Iv, L.P. | Private Equity Fund | $14.5B | $1.0M | 182 |
| Hillhouse Fund V, L.P. | Private Equity Fund | $14.1B | $1.0M | 318 |
| Hillhouse Fund Iii, L.P. | Private Equity Fund | $5.9B | $1.0M | 115 |
| Hillhouse Focused Growth Fund V, L.P. | Private Equity Fund | $5.4B | $1.0M | 222 |
| Hillhouse Fund Ii, L.P. | Private Equity Fund | $4.1B | $1.0M | 105 |
| Hillhouse Venture Fund V, L.P. | Private Equity Fund | $1.9B | $1.0M | 139 |
| Hillhouse Real Asset Opportunities Fund, L.P. | Private Equity Fund | $1.8B | $1.0M | 43 |
| Hillhouse Venture Fund Vi, L.P. | Private Equity Fund | $1.8B | $1.0M | 114 |
| Hillhouse Healthcare Fund, L.P. | Private Equity Fund | $1.1B | $1.0M | 130 |
| Nobel Fund I, L.P. | Private Equity Fund | $801M | $1.0M | 34 |
| Hillhouse Climate Fund, L.P. | Private Equity Fund | $741M | $1.0M | 61 |
| Keel Fund I, L.P. | Private Equity Fund | $731M | $1.0M | 16 |
| Hhbg Ii Investment, L.P. | Private Equity Fund | $513M | $1.0M | 2 |
| Dgd Investment, L.P. | Private Equity Fund | $241M | $1.0M | 1 |
| Hillhouse Hawthorn Venture Opportunities Fund Vi, L.P. | Private Equity Fund | $52.2M | $1.0M | 2 |
| Vntr Investment, L.P. | Private Equity Fund | $48.1M | $1.0M | 5 |
| Hh Hr Investment, L.P. | Private Equity Fund | $26.2M | $1.0M | 1 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 6.2 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
Not reported.
Custody
Firm reports it does not have custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗