Based on incomplete statistics from public data, six new private equity and venture capital fund managers were registered in April 2026, representing a 50% year-on-year decrease but a 100% increase month-on-month. A total of 159 new private equity funds and 506 venture capital funds were filed, amounting to 665 new funds collectively. This figure saw a slight month-on-month decrease of 2.2% but a significant 59.5% increase compared to April 2025.
Investment activity also intensified. There were 680 private equity investment deals domestically in April, a 31.3% increase year-on-year, though down 14.8% from the previous month. The disclosed total investment amount reached 74.86 billion yuan, setting a new record for the past year and increasing by 7.8% compared to March, approximately 3.22 times the amount recorded in April 2025.
This month's Venture Capital Plus focuses on three highly active institutions, analyzing their investment pace, stages, sector preferences, and portfolio companies.
Hillhouse Ventures, the early-stage investment arm of Hillhouse Capital, focuses on four primary sectors: biopharmaceuticals and medical devices, software services and original technological innovation, consumer internet and technology, and emerging consumer brands and services. To date, the institution manages assets exceeding 10 billion yuan, operating with a dual-currency (USD and CNY) model.
As of April 2026, Hillhouse Ventures had registered only one new fund: Zhuhai Tongheng Equity Investment Partnership. This fund has a registered capital commitment of 21.5 million yuan. The major limited partner (LP) is Xicheng Jinrui, holding a 90.7% stake. Xicheng Jinrui is a market-oriented investment institution jointly established by Beijing Financial Street Capital Operation Group Co., Ltd., China State-Owned Enterprise Structure Adjustment Fund Co., Ltd., and China Reform Fund Management Co., Ltd.
During the statistical period, Hillhouse Ventures publicly disclosed 12 private equity investment deals. This is approximately six times the number from the same period in 2025, though it represents a 20.0% decrease compared to March. Historical data indicates that Hillhouse Ventures' investment activity was relatively quiet from April to July 2025, with an average of fewer than three deals per month. Activity increased to seven deals in August 2025 before declining again. However, its investment pace noticeably accelerated starting in November 2025, reaching a peak around the turn of the year into early 2026.
Regarding investment stages, early-stage deals (Angel and Pre-A rounds) collectively accounted for 50.0% of Hillhouse Ventures' investments this month, with Angel rounds alone comprising about one-third. This highlights the institution's high sensitivity to cutting-edge technologies and disruptive innovation, demonstrating a willingness to engage at the earliest stages of company development for higher potential returns. Companies in Series A and Series B rounds each accounted for 25.0% of investments, indicating that Hillhouse Ventures also focuses on adding capital to growth-stage companies with validated business models and initial scaling capabilities.
In terms of sector distribution, Artificial Intelligence was the dominant focus for Hillhouse Ventures this month, accounting for 50.0% of investments, all exclusively within the intelligent robotics sub-sector. Enterprise services, new energy, smart hardware, production manufacturing, and advanced manufacturing rounded out the institution's investment portfolio, reflecting its strong emphasis on "hard tech" and the "real economy." Against the backdrop of global supply chain restructuring and "dual carbon" goals, these sectors are primary arenas for technological innovation and industrial upgrading.
Geographically, half of the companies invested in by Hillhouse Ventures were based in Shanghai. As a financial and technology innovation hub in China and globally, Shanghai offers top talent, capital, and industrial ecosystems, making it a strategic location for the institution's future industry布局. Shenzhen followed, accounting for approximately 16.7% of the projects. Combined with other areas in Guangdong (8.3%), about one-quarter of Hillhouse Ventures' portfolio companies were located in the Greater Bay Area, reinforcing its strength in hardware innovation, electronics, information technology, and smart manufacturing.
Embodied intelligent software and hardware general base provider "Digua Robotics" completed a $150 million Series B2 financing round, just three weeks after its previous $120 million Series B1 round. This latest round saw participation from new investors including Prosperity7 Ventures, Vision Technology Group, Muhua Innovation, and Yunfeng Fund, while existing shareholders Hillhouse Ventures, Hexuan Capital, and Linear Capital continued to follow on. The company's post-money valuation reached $1.5 billion, tripling compared to its valuation during its first funding round in May 2025.
Founded in 2024, Digua Robotics was formerly the robotics department of autonomous driving computing solutions provider "Horizon Robotics." Its self-developed technologies include the RDK S600, a high-computing development platform for embodied intelligent robots; the HoloMotion base model, which functions as the "cerebellum" for embodied intelligence; and the HoloBrain base model, which serves as the "cerebrum." These technologies enable robots to achieve human-like flexible control, spatial perception, and delicate manipulation, adaptable to various product forms and application scenarios. In 2025, the company's shipment volume increased significantly by 180% year-on-year, its customer base grew by 200% year-on-year, and its global developer community surpassed 100,000, a 100% year-on-year increase, spanning over 20 countries and regions across Asia-Pacific, Europe, and North America.