高瓴資本新基金募資規模將超越KKR所創紀錄
Hillhouse Capital Management, the Beijing and Hong Kong-based investment firm, is raising what could be the largest fund ever devoted to China and the region.
總部設在北京和香港的投資機構高瓴資本(Hillhouse Capital)，正在募集一支可能是有史以來規模最大的專投中國和亞洲地區的基金。Hillhouse founder, Zhang Lei has told investors he wants no more than $8bn, despite having commitments of over $10bn. Several of them say he will end up with a fund surpassing the record-breaking $9.3bn private equity fund KKR raised last year to deploy in Asia.
高瓴資本創始人張磊告訴投資者，他希望募集至多80億美元，儘管其收到的出資承諾已逾100億美元。其中幾位投資者表示，他最終的募資規模將超過私募股權集團KKR去年募集的用來部署在亞洲的基金。KKR去年募集的那支基金規模達到93億美元，創下了紀錄。Mr Zhang’s original target was $6.5bn in addition to the $30bn or so he has under management today. Hillhouse was founded with $20m from the Yale University endowment in 2005.
張磊最初的募資目標是65億美元，目前他管理的資產爲300億美元左右。高瓴資本是2005年張磊利用耶魯大學捐贈基金(Yale University Endowment)提供的2000萬美元創立的。
The success of firms such as Hillhouse, KKR and Sequoia Capital China in attracting investors reflects renewed optimism about Chinese prospects.
高瓴資本、KKR和紅杉資本中國基金(Sequoia Capital China)等機構在吸引投資者方面取得的成功，反映出投資者對中國的前景再次萌生樂觀情緒。That is in sharp contrast to the situation just over two years ago, when a meltdown in the stock market, the rapid growth of corporate debt, and concerns about capital flight led investors to wonder if China might trigger a worldwide recession.
這與短短兩年多前的情況形成鮮明對比，當時股市崩盤、企業債務迅速增長、資本外逃引發擔憂，投資者拿不準中國是否有可能引發一場全球衰退。KKR’s head of Asia, Joe Bae, has been named one of two successors to KKR’s founders, Henry Kravis and George Roberts in part because of his Asian record and ability to attract sums from pension funds, sovereign wealth funds and wealthy families.
KKR亞洲主管Joseph Bae已被任命爲KKR創始人亨利?克拉維斯(Henry Kravis)和喬治?羅伯茨(George Roberts)的兩名接班人之一，這在一定程度上是因爲他在亞洲取得的成績以及從養老基金、主權財富基金和富有家族“吸資”的能力。The multibillion-dollar fundraisings follow the success of SoftBank, which has as much as $270bn to deploy around the world according to an estimate from McKinsey. Some investors say its founder, Masayoshi Son, is considering raising at least $200bn more for the Vision Fund he established with the backing of the Saudis.
此前，軟銀(SoftBank)在這方面取得了不錯的成績。麥肯錫(McKinsey)的估計數字顯示，軟銀有多達2700億美元資金部署在全球各地。一些投資者表示，軟銀創始人孫正義(Masayoshi Son)正考慮爲他在沙特阿拉伯支持下創建的願景基金(Vision Fund)再募資至少2000億美元。“Masa has brought out the Alpha male in everyone,” says one venture capital investor with offices on both sides of the Pacific.
一位在太平洋兩岸都設了辦事處的風險投資者表示：“孫正義激發出了所有人的雄心。”Mr Zhang has always had a flexible mandate which has enabled him to invest in both public and private markets in China. He is best known for his early investments in Tencent and .
張磊得到的投資授權一直很靈活，這讓他能夠既投資於中國的公開市場，又投資於中國的私募市場。他最爲人所知的是對騰訊(Tencent)和京東()的早期投資。Now, he is set to become even more flexible, doing buyouts as well as taking minority growth equity stakes in companies both inside and outside China.
如今，他有望在靈活性方面更進一步，既可從事買斷式收購，又可購入中國和中國以外公司的少數成長型股權。
As competition has increased, Mr Zhang has started seeking to help traditional companies use technology to avoid becoming marginalised.
隨着競爭加劇，張磊已開始尋求幫助傳統企業利用技術以避免被邊緣化。Last year, for example, he led a group buying Hong Kong Stock Exchange listed Belle International Holdings in a $6.8bn deal aimed at advising the struggling shoe retailer on how to use the internet to increase demand for its products, and on the potential for 3D printing technology to customise footwear.
例如，去年他牽頭一個財團以68億美元收購在港交所(HKEx)上市的百麗國際(Belle International Holdings)，這筆交易旨在爲這家困境中的鞋業零售商就如何利用互聯網擴大其產品需求和利用3D打印技術定製鞋品的可能性提供建議。These new larger fundraisings from alternative investment managers come as local investors such as insurance companies in the region “have had trouble achieving their target returns by only investing in domestic traditional asset classes such as public equities and fixed income,” noted Ian Bell of Evercore Private Funds Group in the company’s State of the Market Review for 2018.
Evercore Private Funds Group的伊恩?貝爾(Ian Bell)在該公司的2018年《市況評估》(State of the Market Review for 2018)中指出，另類投資管理機構新展開的這些更大規模的募資，是在該地區的保險公司等本土投資者“難以通過只投資於上市股票和固定收益產品等國內傳統資產類別實現其目標收益”之際出現的。
