GCP-BACKED HIDDEN HILL HITS $1.1B FINAL CLOSE OF SECOND RMB PRIVATE EQUITY FUND

Fresh Capital

With the closing of RMB Fund II, Hidden Hill now oversees $4 billion in assets under management across eight RMB and US dollar private equity strategies. Through its funds, Hidden Hill has made investments in companies including JD Logistics, China Southern Airline Logistics and J&T Express.

Hidden Hill Capital managing partner Richard Dong

The RMB 10 billion RMB Fund I was unveiled more than four years ago as the first fund in the GLP family to target assets beyond real estate. The vehicle received backing from institutional investors including China Post Capital, a division of the mainland state-owned postal operator.

In December 2022, Hidden Hill announced the $465 million final close of its dollar-denominated Foundation Fund with capital commitments led by NewQuest Capital Partners, the Hong Kong-based private equity firm acquired by US giant TPG in 2022. The fund makes investments within the modern logistics and supply chain ecosystem in China and elsewhere in Asia.

“We look forward to working with more investors to identify and empower the latest technologies and innovations that are charting the future of the new economy,” GCP China president Teresa Zhuge said in this week’s announcement.

Momentum Continues

The Hidden Hill news came one week after GCP revealed the closing of China Income Fund XI with RMB 3 billion in assets under management in partnership with an unidentified domestic insurance institution. The fund is seeded with four modern logistics parks from GLP’s balance sheet with a total leasable area of 540,000 square metres (5.8 million square feet) in Shanghai, Jinan and Harbin.

Less than a month earlier, GCP had announced the closing of China Income Fund X, also backed by a mainland insurer, with the vehicle’s total size including leverage amounting to RMB 4.3 billion ($600 million).

GCP had $126 billion in assets under management across 57 funds at the end of September 2023.

Source:mingtiandi