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Hillhouse targeting over $1.4bn for new renminbi healthcare-focused fund

Private investment firm Hillhouse Capital is looking to raise over $1.4bn from Chinese investors for a new renminbi fund which will focus on investments in the healthcare sector, according to a report by The Financial Times.

The decision to focus fundraising on domestic investors comes as ongoing geopolitical tensions between Beijing and Washington have led to a steep decline in dollar funding for Chinese investments.

The report cites unnamed sources as revealing that fundraising is still in its early stages, and the final target will depend on market conditions.

Yale alumnus Zhang Lei started Hillhouse in 2005 with a $20m investment from his alma mater, and the firm has since grown to a $65bn operation by channelling foreign capital into Chinese companies, including Tencent and TikTok owner ByteDance.

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