Hopu Investment, founded in 2008, is a leading China-focused private equity firm with offices in Beijing, Hong Kong and Singapore. It was started by notable Chinese investment banker Feng Liang, and originally made its name by raising Asia’s first USD private equity fund of over USD 2.5 billion in 2008. Hopu has since invested in many major Chinese companies across sectors including agriculture, mining, healthcare and internet. Its investments demonstrate Hopu’s access to valuable strategic resources in China. As a top Chinese private equity firm, Hopu has connections to state-owned enterprises, links with China’s elite business circles, and expertise in cross-border deals. Though Hopu keeps a low profile, it remains a powerful China-focused private equity player.
Hopu was founded by famous Chinese rainmaker Feng Liang and originally focused on growth capital
Hopu Investment was established in 2008 by Feng Liang, a renowned Chinese investment banker sometimes referred to as one of China’s few ‘rainmakers’. Feng previously co-founded China’s leading investment bank CICC, demonstrating his strong networks and deal execution abilities. Hopu’s founding team also included other CICC veterans and private equity experts. The firm made headlines by raising over USD 2.5 billion in its maiden USD-denominated private equity fund, a record sum for Asia at that time. Hopu initially focused on investments in traditional industries, buying growth capital stakes in Chinese companies looking to expand globally. It targeted Chinese state-owned enterprises in sectors like mining and agriculture, helping them acquire overseas strategic assets. Hopu’s early success and high-profile deals were largely due to its founders’ connections to China’s state sector.
After a period of change, Hopu has shifted focus to new sectors while retaining its China expertise
In the early 2010s, Hopu underwent some restructuring of its team, with two founding partners leaving to form their own firms. This may have contributed to Hopu’s slower pace of deals in that period. Since 2013 after raising its second USD fund worth over USD 1 billion, Hopu has been more active again. But it has shifted focus from traditional industries to sectors like healthcare, consumer, logistics and technology. For example, Hopu has invested in companies like Asian fruit supplier Greenyard, Chinese pork producer COFCO Meat, e-commerce platform Mogujie and warehousing firm Global Logistic Properties. While Hopu has expanded beyond its roots in banking and strategic resources, it retains its China expertise and connections. Hopu remains a leading China-focused PE firm, though it now prefers to keep a lower profile than before.
Hopu has a strong China focus and expertise in cross-border investments
As a leading private equity firm focusing on China, Hopu has several competitive advantages. Firstly, it has close links to China’s business elite and maintains connections to state-owned enterprises, even as its investment scope has diversified. This gives Hopu unique access to strategic deals and resources, especially in cross-border scenarios. For example, Hopu has helped Chinese companies expand abroad with investments in Russia, Brazil, Southeast Asia and beyond. Secondly, with offices in Beijing, Hong Kong and Singapore, Hopu has experience executing both domestic China and cross-border international deals. Hopu knows how to navigate China’s unique business environment. Lastly, Hopu has sector expertise from healthcare to consumer to logistics to technology. It has an experienced investment team to evaluate Chinese deals across industries. Though lower-profile now, Hopu remains a well-connected China private equity leader.
In summary, Hopu Investment is a leading China-focused PE firm founded by Chinese rainmaker Feng Liang. It has shifted focus from strategic resources to wider sectors, but retains unique access and capabilities in China.