Hillhouse Capital has closed the Hillhouse Fund IV, L.P. The fund was heavily oversubscribed, closing with aggregate commitments of US$10.6 billion.

Hillhouse Fund IV will pursue opportunities across the healthcare, consumer, technology and services sectors globally, with a focus on Asia. With the new fund, Hillhouse will continue to work closely with entrepreneurs and management teams in pursuit of sustainable, long-term growth.

In its private equity investments, Fund IV will implement Hillhouse's strategy of leveraging its operating capabilities and understanding of technology in a bid to create long-term value. The enterprise also aims to reignite growth through digital enablement of traditional businesses, as it has done in the retail space with its buyout of Belle International.

Lei Zhang, founder and CEO of Hillhouse Capital, says, "We are deeply grateful for the ongoing trust of our partners. We look forward to working with innovation-minded, world-class businesses and management teams seeking to deploy technology-driven solutions to create value for all stakeholders."