Hillhouse Builds Investing War Chest With $18 Billion Raise (1)

Hillhouse Capital Management Ltd. is close to completing its latest fundraising series, attracting $18 billion to back three new funds for the Hong Kong-based investment firm, according to people familiar with the matter.

The company is replenishing its war chest as the coronavirus-battered economy throws up opportunities, the people said, requesting not to be identified because the matter is private. Hillhouse attracted funding from endowments and pension funds, and is nearing a close though final details may change, the people added. Hillhouse declined to comment in an emailed statement.

Zhang Lei

Photographer: Justin Chin/Bloomberg

The $18 billion raised is higher than the original target ...