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Hillhouse Capital

Hillhouse Capital

Hillhouse builds businesses that stand the test of time

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Team

Hillhouse is a global team of more than 350 investment and operating professionals.

Our team hails from universities in Beijing, Boston, Chicago, Dublin, Hanover, Hong Kong, Lincoln, London, Mumbai, New York, Palo Alto, Paris, Philadelphia, Princeton, Shanghai, Singapore, Suzhou, Sydney, Tokyo, and of course, New Haven.

Hillhouse team members are sector specialists with deep vertical knowledge in the consumer, healthcare, financials, and business services sectors. We are energized by helping the best companies in the world reach their full potential.

Hillhouse Management Committee

Adam Hornung
General Counsel and Chief Compliance Officer

Adam was Hillhouse’s first external counsel at our founding. He joined Hillhouse in 2012 as our General Counsel and Chief Compliance Officer. Adam currently oversees a team of over 20 legal, compliance, and tax lawyers from across the globe. Previously, he practiced law in the United States, including for O'Melveny & Myers LLP. Adam holds a J.D. from the University of Nebraska-Lincoln, a B.A. from Doane College, and has been admitted to practice law in California and Nebraska.

Adam grew up in a small town of 500 people in central Nebraska and still owns cattle on his family’s ranch. Despite currently living in an apartment in Hong Kong, Adam’s young daughters are hard at work trying to convince him to get a pony as their next pet.

Luke Li
Chief Innovation Architect

Luke leads Hillhouse’s value creation team, an in-house team of operating executives, engineers, and data scientists who work hand-in-hand with our portfolio companies to build more sustainable, durable businesses. Luke is a founding member of the Hillhouse team. Prior to joining Hillhouse, Luke was the CTO and CEO in the technology sector. Luke graduated from Tsinghua University with a B.S. in Engineering and an M.S. in Management.

Luke is a true blue fan of science fiction. His favorite book is Isaac Asimov’s Foundation, which he first read in the third grade and has read again many times since.



Tracy Ma
Chief Operating Officer

Tracy was Hillhouse’s very first employee in 2005. At Hillhouse, she has worked across our investment, value creation and business teams. Prior to Hillhouse, Tracy worked with China Securities Co., Ltd. Tracy holds an M.B.A. from the University of Chicago Booth School of Business, an M.S. in Management from the Chinese Academy of Sciences, and a B.S. from Beijing Normal University.

Tracy is passionate about empowering women in the workplace. She is extraordinarily proud that over 60% of the members of her team, which is the largest at Hillhouse, are women.

Michael Yi
Co-Chief Investment Officer

Michael heads Hillhouse’s healthcare investing and is a founding member of the firm. Prior to Hillhouse, Michael was an equity research analyst with CICC. Michael graduated from the Marshall School of Business at the University of Southern California with an M.B.A. and he also holds a B.S. in Engineering from Shanghai Maritime University.

Michael picked up his first snowboard at Squaw Valley over 25 years ago and has been hooked ever since.



Lei Zhang
Founder and Chief Executive Officer

Lei earned his M.B.A and M.A. in International Relations from Yale University and a B.A. in Economics from Renmin University. Prior to founding Hillhouse with Michael, Luke, and Tracy in 2005, Lei was an intern at the Yale University Endowment, which became Hillhouse’s first investor. Lei also spent two years as an investment analyst covering Southeast Asia and Africa.

Lei is an avid snowboarder. When he’s not in the office or meeting with entrepreneurs, Lei can be found on the slopes, usually with Michael in tow. Despite their best efforts, their kids are still faster and more stylish than they are.

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