Hillhouse’s Public Unit Saw Assets Decrease 9% in Volatile Year

Hillhouse Capital Group’s mammoth public investment arm saw its assets shrink by $6.3 billion last year as growth stocks fell out of favor.

HHLR Advisors Ltd., a unit of Zhang Lei’s investment empire, reported assets under management of $62.7 billion at the end of 2021, down 9% from a year earlier, according to Bloomberg calculations based on its most recent U.S. regulatory filings. Investment losses contributed to the decline, said people with knowledge of the matter.

A New York-based spokesman for Hillhouse declined to comment.

Hillhouse has been a champion of fast-growing companies, often backing them from early ...