Hillhouse Group and Chinese Local Government Set Up $783.5 Million VC Fund

Hillhouse Group and Chinese Local Government Set Up $783.5 Million VC Fund

( Source: pe-insights)

Chinese domestic media outlet The Paper reported on Wednesday that Chinese equity capital (VC) company Hillhouse Capital Group and the district federal government of Xishan in Wuxi, Jiangsu province will establish a 5 billion yuan ($7835 million) VC fund to buy fields such as biotechnology, carbon neutrality and production.

The contract consists of developing a Hillhouse Deep Technology Innovation Center in Xishan, which will help in the incubation of innovation entrepreneurship programs and more growing of tech start-ups.

The above-mentioned unique funds will concentrate on purchasing biotechnology, tough innovation and software application services, carbon neutrality, advanced production and other fields. The development center is to support the improvement of clinical and technological accomplishments in innovative fields.

Hillhouse Capital will deal with universities, research study organizations and tech companies to assist establish hard-technology entrepreneurial tasks, the Beijing-based business stated.

Founded by Zhang Lei in 2005, Hillhouse Capital Group concentrates on long-lasting structural worth financial investment and commercial development, covering the fields of life and health, tough innovation, usage and retail, carbon neutrality, business services and others. Its financial investment covers early VC, personal equity financial investment, noted business financial investment and M&A financial investment.

SEE ALSO: Hillhouse Capital Purchases Home Appliance Service of Philips for 34 Billion RMB

At the start of 2020, Hillhouse Capital developed Gaoling Tianjin Venture Capital concentrating on early ingenious business, buying 200 tasks up until now. Amongst them, the jobs with high percentage of difficult innovations such as science and innovation and treatment represent almost 80%.

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