Hillhouse, the investment firm best-known for making its fortunes backing China’s biggest startups, can now help the super rich obtain permanent residency in Singapore as part of a government program.
The city-state’s Economic Development Board runs a Global Investor Programme, which provides ultra-wealthy foreigners a path to getting permanent residency.
On Thursday, seven fund management companies including Hillhouse’s HHLR Management Pte were labeled GIP-select funds. Investing S$25 million ($18.5 million) in them can help people hit the application requirements.
The announcement of new eligible funds comes as Singapore works to get its latest wave of ultra-wealthy residents and family offices to invest more into local firms and funds that can help produce higher-paying jobs.
Founded by billionaire Zhang Lei, Hillhouse grew from a boutique hedge fund into a behemoth in large part by backing some of China’s biggest technology companies including Tencent Holdings Ltd., JD.com Inc. and Meituan.
While it’s better-known for its deals and operations in Hong Kong and mainland China, the company has also been steadily expanding its Singaporean operations in recent years. Assets in its public investment arm tumbled by a third last year, according to U.S. regulatory filings.
This year, Hillhouse also changed the filing address of its two U.S. Securities and Exchange Commission-registered units to Singapore, from Hong Kong.
Other firms now on the list include B Capital Group, whose co-chief executive officer is Eduardo Saverin—the co-founder of Facebook—as well as Vertex Venture Management Pte, which is backed by Singapore state-owned investor Temasek.
The EDB said investments in the firms would help generate positive spinoffs for Singaporean companies and the economy alongside more good jobs for locals.
Each of the chosen funds met a series of criteria, including having over S$1 billion in assets under management. Of the money they receive via the GIP scheme, at least half of it or S$50 million—whichever is less—will be invested into Singapore-based companies in sectors promoted by the EDB and other economic agencies.
The firms have been appointed for an initial period of three years, it added.
Here’s a full list of the eligible funds:
- B Capital Group Singapore Pte
- East Ventures Advisory Pte
- GGV Capital Pte
- HHLR Management Pte
- Insignia Ventures Partners Pte
- Jungle Ventures Pte
- Vertex Venture Management Pte
—With assistance from Bei Hu.
This article was provided by Bloomberg News.
