Established in 2018, Hidden Hill Capital (“Hidden Hill”) is a private equity manager backed by GLP Capital Partners (“GCP”), the exclusive investment and asset manager of GLP.
Hidden Hill invests minority, significant minority, and strategic equity in companies in modern logistics, digital supply chains, renewable energy and related technologies, with a focus on cross-border opportunities across Asia.
It has more than US$4B in assets under management (AUM) across both RMB (Chinese Yuan) and USD private equity strategies, including its flagship Hidden Hill Modern Logistics Private Equity Fund (US$1.2B AUM), which was ranked the world’s second largest PropTech fund by PERE in 2021 and 2022.
Hidden Hill also debuted on PEI’s Top 300 Private Equity Managers list in 2022 and made it to the list again in 2023 and 2024. The firm was also ranked No.1 on 2025 PERE Proptech 20 List.
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US$4B +
AUM
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8
Active Funds
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US$2B +
Total Invested Equity
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110 +
VC/PE Companies Invested In
No.1 Globally
2025
No.170
2024
Best Private Equity Manager
2024
Private Equity Fund Manager Class A
2021-2024
Best Domestic Private Equity Investment Firms
Top 20
Investment Philosophy
STRONG ECOSYSTEM
Hidden Hill has deep roots in China and Asia, where its local teams have strong relationships with entrepreneurs and key industry leaders. Hidden Hill leverages GCP and GLP’s global network, ecosystem, and deep industry insights to support its portfolio companies’ strategic plans, including cross-border expansion.
STRATEGIC SPECIALIZATION
As a sector specialist, Hidden Hill has proprietary deal sourcing and portfolio development capabilities. It has a disciplined investment process with active post-investment management to enhance stakeholder value.
Hidden Hill’s two founding partners have more than 50 years of combined industry experience, and the business is supported by more than 60 professionals across five offices in Shanghai, Beijing, Hunan, Xiamen, and Hong Kong.
ESG Focused
Hidden Hill is a UN Principles for Responsible Investment (PRI) signatory in line with GCP. Together with GCP, Hidden Hill is committed to a broad range of ESG initiatives that elevate its business, create value for its shareholders, support its employees and show respect to the local communities in which it works.
Investment Themes
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MODERN LOGISTICS
Hidden Hill invests in logistics solutions that power the movement of goods along the supply chain. This includes shipping, air freight, railway and highway transportation, delivery and forwarding, and fulfilment and distribution platforms that provide tech-enabled logistics services and cross-border solutions.
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SUPPLY CHAIN
DIGITIZATION & OPTIMIZATIONHidden Hill invests in technologies that create supply chain efficiencies and reduce cost through digitization and automation.
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LOGISTICS TECHNOLOGY ENABLERS & RENEWABLE TECHNOLOGY
Hidden Hill is focused on technology investments related to modern logistics and supply chain optimization such as the Internet of Things and Robotics. It also invests in renewable technology solutions and companies that accelerate the adoption of renewable energy within the logistics services and supply chain to support the global energy transition and carbon emission reduction goals.
Portfolio Companies
- Logistics Services
- Digital Supply Chain
- Technology Enablers
Main Funds
Hidden Hill VC Fund I closed in September 2024. A new strategy for early stage investment in high-growth startups, it is focusing on logistics and supply chain technologies and innovations.
Hidden Hill RMB PE Fund II closed on January 2, 2024，raising RMB 8 billion in capital commitments.
HH PE RMB Fund II will continue the successful investment approach of RMB Fund I launched in 2018, investing in growth-stage companies with a focus on modern logistics services, digital supply chain, renewable energy, and related technologies.
Hidden Hill RMB PE Fund I closed in 2018. Leveraging GCP and GLP’s global logistics ecosystem, it focuses on investments in logistics services, supply chain digitization and related technology.
Hidden Hill Foundation Fund closed in 2022. It focuses on investments in logistics services, supply chain digitization and technology across Asia. It also targets green investments and solutions that build resilience through supply chain diversification.
Hidden Hill Yueyang Case Fund is a separately managed account. It aims to invest in businesses that can enhance supply chain efficiency in Yueyang city in Hunan province, China.
In October 2021, Hidden Hill and its ecosystem partner YKC, a leading charge-point operator and electric vehicle (EV) software platform provider in China, established the Hidden Hill Carbon Neutral Fund to promote the building of EV charging stations and infrastructure in logistics warehouse parks. The fund also aims to create social and economic value in support of China’s carbon neutral goals.
News
Our Team
Hidden Hill has built a team with roots in Asia that combines deep industry knowledge with strong investment experience.
Hidden Hill continues to attract talent globally, sharpening its Pan-Asia investment platform.
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Higashi Michihiro
Founding and Managing Partner
Prior to joining Hidden Hill, Higashi was Chief Investment Officer of GLP China, where he currently also serves as Chief Strategy Officer of GLP China. Higashi joined GLP in 2006, was instrumental in growing the scale and diversity of GLP’s China business. He was also responsible for managing and establishing strategic alliances in China.
Higashi was formerly Senior Vice President and Head of Investment of GLP China and helped grow the GLP’s business in Japan. He was previously at Nomura Research Institute where he was responsible for corporate strategy consulting, and Oita Bank in equity research.
Higashi received his Bachelor of Law from Wuhan University and a Master of Economics from Oita University.
Higashi Michihiro
Founding and Managing Partner
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Richard Dong
Founding and Managing Partner
Richard is an industry veteran with more than 45 years of experience in the logistics industry.
Prior to joining Hidden Hill, Richard served as a strategic advisor to GLP China and was on the board of several listed and private companies. He previously also held positions at Weichai Power, Linde Material Handling and the National Ministry of Machinery Industry in China and was the founding partner of Orient-Logistics Consulting and Global Connexion.
Richard received his Bachelor of Engineering from Jilin University of Technology and EMBA from China Europe International Business School.
Richard Dong
Founding and Managing Partner
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