The Hong Kong-based firm provided crucial financing to ByteDance and the Ant Group and even acquired Princeton Review, the New York-based college test prep firm.
Fred Hu, founder of Primavera Capital. Credit: ChinaImages via Depositphotos
In 2021, as Chinese regulators aggressively reshaped the landscape for the country’s leading technology companies, a sense of apprehension gripped chief executives. Yet, amidst the uncertainty, one CEO stood out for his unwavering confidence in the country’s ability to adapt: the head of Primavera Capital, Fred Hu. Dismissing concerns, Hu confidently asserted that the government’s quest for “common prosperity” was laudable and need not signal a weakening commitment to a robust private sector in China.
By that point, Primavera Capital had already solidified its position as one of the country’s leading investment firms. The firm had provided crucial financing to prominent Chinese internet firms, like ByteDance and the Ant Group. The Hong Kong-based firm had even ventured in the U.S. education market, by acquiring Tutor.com and Princeton Review, the New York-based college test prep firm.
At The Wire, we periodically showcase large or fast-growing investment firms in Chin
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