HHLR Advisors / Hillhouse (Zhang Lei)

Background

Hillhouse was founded 2005 by Zhang Lei with seed capital from David Swensen and the Yale endowment. The firm built an early reputation through Tencent (~2005) and JD.com (~2010) and grew into a multi-strategy platform spanning public equities, private equity, and venture. HHLR is the U.S. 13F-reporting affiliate.

Key People

• Zhang Lei Founder of Hillhouse Capital

  Yale-trained investor; one of the most influential China-focused capital allocators.

Track Record / Style

Anchor early holder of Tencent, JD.com, and Belle International (which Hillhouse took private in a landmark 2017 deal). Major beneficiary of the 2010s China internet boom and material loser during the 2021–2022 China internet regulatory reset. U.S. 13F book often tilts toward biotech, healthcare, and selective China ADRs.