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In 2012, Adam Hornung moved to Hong Kong to help Hillhouse Investment Management find new investment opportunities and close complex global deals.
Although Hornung was living 7,500 miles from his native Nebraska, the transition was relatively smooth. His wife was excited for the move and their daughters would attend an American school. Hornung, an accomplished lawyer, had already spent six years as outside counsel for Hillhouse. In fact, starting from its inception in 2005, Hornung worked with seed investors and Hillhouse to help launch the firm.
Today, Hillhouse invests in markets across the globe and focuses on partnering with businesses in consumer, healthcare, business services, advanced manufacturing, and energy transition. The company uses a broad range of investment strategies and deep sector expertise to identify resilient, real economy businesses. Then they do what they do best.
“We’re experts at finding high-quality organizations and rolling up our sleeves to partner through our deep sector experience,” Hornung says. “We’re patient enough to play the long game, allowing companies to make the right moves at the right time while anticipating what’s ahead.”
Those who know Hornung best aren’t surprised that he was willing to uproot his family and start a new life overseas. Entrepreneurship, risk taking, and adventure are in his genes. “My dad had about twenty businesses by the time I graduated high school,” he explains.
Some ventures were successful, while others were not. Hornung can’t recall every business but can still rattle off an impressive list. There was a bar, a hog farm, a house-moving business, a construction company, and a cattle ranch. Observing his father at work inspired the young Hornung and showed him that there is no shame in trying something new.
When Modern Counsel profiled Hornung in 2021, he was serving as Hillhouse’s general counsel and chief compliance officer. He spent most of his time managing his legal team, building and maintaining a strong corporate culture, uncovering new ways to add value to financial deals, and setting overall strategy.
Hillhouse has added real estate funds and a private credit practice to its arsenal. The company has eight offices around the world and has received regulatory approvals from more than thirty countries in connection with its investments, including CFIUS approval in mid-2024.
The growth and volume of complex transactions alongside the company’s development across multiple jurisdictions saw Hornung’s role continue to evolve. Hornung gradually took on more and more responsibility and recently added co-chief operating officer to his title. “I enjoy an even deeper engagement now across multiple business lines and have the chance to work with our talent on the ground, including our local portfolio management teams,” he says.
“Adam’s journey with Hillhouse has been remarkable,” says Daniel Yeh, global co-head of private Equity at White & Case. “His work ethic and leadership exemplify the highest standards of in-house counsel excellence, and his dedication to building the highest caliber teams and fostering innovation ensures that Hillhouse remains at the forefront of the alternative investment industry.”
Since his promotion, Hornung has been busy building teams and working with counterparts in departments like talent, strategy, new business lines, and stakeholder engagement to help strengthen Hillhouse as it expands. Today, the organization has over four hundred employees from eighteen countries. Together, they have closed complex deals in Japan, India, Australia, Netherlands, Switzerland, Canada, Singapore, Korea, UK, US, Germany, the Middle East, and elsewhere.
Several key moves have cemented the reputation Hillhouse enjoys for sound strategy and strong results. For example, Hillhouse invested in Zoom, and in 2017 the company formed a joint venture with Peet’s Coffee to take the brand to China.
In 2021, Hillhouse made a $2.9 billion investment in Dutch company Philips Domestic Appliances (now called Versuni) and introduced them to new vendors and partners, which improved their supply chain and operating performance. Soon thereafter, Philips launched a top-selling new line of air fryers (AirFryer Combi 700), which sold over 10,000 units on its first day—a company first.
Other notable deals followed. Hillhouse is now among the largest private equity funds globally, investing in Asia and beyond. Its leadership team recently collaborated with like-minded business process management (BPM) veterans to launch Novarete with a Hillhouse commitment of more than $300 million. The investment will allow Novarete to build its team and take its IT-powered BPM platform into industries like healthcare and banking.
More recently in Japan, the firm successfully completed a tender offer to take Samty Holdings Limited private. As Samty Holdings’ largest shareholder and one of Japan’s biggest financial firms, Daiwa Securities Group Inc is partnering with Hillhouse to help Samty Holdings’ management transform their business into a leading regional multifamily and accommodation asset manager.
Over the last fifteen months, Hillhouse-backed corporate services platform Ascentium closed more than six acquisitions globally, from Incorp Global in Asia Pacific to Harney’s Fiduciary in the US as it builds a digitally enabled broad service offering. At present, Ascentium has over thirty thousand clients across sixteen markets and counting. Hillhouse continues to help Ascentium accelerate growth, broaden services, and identify potential acquisitions in the Asia Pacific region, the Middle East, and Europe alike.
In 2025, Hillhouse will be preparing for its twentieth anniversary. As Hornung reflects on his career, he is content to be celebrating almost twenty years alongside the firm, going back to those early moments at inception.
“I’m still here because we have great people and an unbelievable culture at Hillhouse,” he explains. “We’ve demonstrated that our approach works. If you’re thoughtful and patient, you have a chance for long-term success in this industry, and that’s what we’re after.”
“Adam’s thoughtful approach to building Hillhouse Investment’s global capabilities has been impressive. His steady leadership and focus on developing strong teams have been key to navigating complex international deals effectively.”
–Yash Rana, Partner and Co-Chair of Goodwin’s Private Equity Group
“Gibson Dunn is proud to be associated with Hillhouse and we congratulate Adam Hornung and his exceptional legal team on their recognition.”
–David Irvine, Partner & Co-Chair of Gibson Dunn’s Finance Practice
“Adam Hornung has built a world-class team of fully-integrated, solution-driven investment and legal professionals that thrives at the cutting edge of global alternative investments, with demonstrated success in navigating the complex landscape of cross-border deal-making.”
–Daniel Yeh, Global Co-Head of Private Equity
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