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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.
总部设在北京和香港的投资机构高瓴资本(Hillhouse Capital)，正在募集一支可能是有史以来规模最大的专投中国和亚洲地区的基金。
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.
高瓴资本创始人张磊告诉投资者，他希望募集至多80亿美元，尽管其收到的出资承诺已逾100亿美元。其中几位投资者表示，他最终的募资规模将超过私募股权集团KKR去年募集的用来部署在亚洲的基金。KKR去年募集的那支基金规模达到93亿美元，创下了纪录。
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.
张磊最初的募资目标是65亿美元，目前他管理的资产为300亿美元左右。高瓴资本是2005年张磊利用耶鲁大学捐赠基金(Yale University Endowment)提供的2000万美元创立的。
The success of firms such as Hillhouse, KKR and Sequoia Capital China in attracting investors reflects renewed optimism about Chinese prospects.
高瓴资本、KKR和红杉资本中国基金(Sequoia Capital China)等机构在吸引投资者方面取得的成功，反映出投资者对中国的前景再次萌生乐观情绪。
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.
这与短短两年多前的情况形成鲜明对比，当时股市崩盘、企业债务迅速增长、资本外逃引发担忧，投资者拿不准中国是否有可能引发一场全球衰退。
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亚洲主管Joseph Bae已被任命为KKR创始人亨利?克拉维斯(Henry Kravis)和乔治?罗伯茨(George Roberts)的两名接班人之一，这在一定程度上是因为他在亚洲取得的成绩以及从养老基金、主权财富基金和富有家族“吸资”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，软银(SoftBank)在这方面取得了不错的成绩。麦肯锡(McKinsey)的估计数字显示，软银有多达2700亿美元资金部署在全球各地。一些投资者表示，软银创始人孙正义(Masayoshi Son)正考虑为他在沙特阿拉伯支持下创建的愿景基金(Vision Fund)再募资至少2000亿美元。
“Masa has brought out the Alpha male in everyone,” says one venture capital investor with offices on both sides of the Pacific.
一位在太平洋两岸都设了办事处的风险投资者表示：“孙正义激发出了所有人的雄心。”
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 JD.com.
张磊得到的投资授权一直很灵活，这让他能够既投资于中国的公开市场，又投资于中国的私募市场。他最为人所知的是对腾讯(Tencent)和京东(JD.com)的早期投资。
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，他有望在灵活性方面更进一步，既可从事买断式收购，又可购入中国和中国以外公司的少数成长型股权。
As competition has increased, Mr Zhang has started seeking to help traditional companies use technology to avoid becoming marginalised.
随着竞争加剧，张磊已开始寻求帮助传统企业利用技术以避免被边缘化。
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，去年他牵头一个财团以68亿美元收购在港交所(HKEx)上市的百丽国际(Belle International Holdings)，这笔交易旨在为这家困境中的鞋业零售商就如何利用互联网扩大其产品需求和利用3D打印技术定制鞋品的可能性提供建议。
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?贝尔(Ian Bell)在该公司的2018年《市况评估》(State of the Market Review for 2018)中指出，另类投资管理机构新展开的这些更大规模的募资，是在该地区的保险公司等本土投资者“难以通过只投资于上市股票和固定收益产品等国内传统资产类别实现其目标收益”之际出现的。
