SK Group, Hillhouse Capital to form $850 mn fund to invest in Chinese start-ups
K Group will set up a 1 trillion won ($850 million) fund with China’s private equity firm Hillhouse Capital Group to invest in Chinese start-ups which are expected to create synergy effects for the energy-to-telecom giant’s new and existing businesses.
Hillhouse Capital will ante up 900 billion won for the fund while the South Korean conglomerate’s Chinese holding company, SK China, will contribute the remaining 100 billion won, according to sources with knowledge of the matter on Dec. 1.
“The partnership with Hillhouse, which owns China’s largest private equity firm and venture capital firm, will give SK Group a strong foothold in China’s investment market,” said one of the sources.
/Source: Korean Investors/
Dec. 3, 2019