Primavera Capital Group

Primavera Capital Group (Primavera; Chinese: 春華資本集團; pinyin: Chūnhuá Zīběn Jítuán) is a Chinese investment firm with offices in Hong Kong, Beijing, Silicon Valley and Singapore. It is considered one of China's leading investment firms with notable investments in companies such as Alibaba, Ant Group, ByteDance, XPeng, Yum China and The Princeton Review.^[2][3][4]

Primavera Capital Group

Native name	春華資本集團
Company type	Private
Industry	Investment Management
Founded	2010; 15 years ago (2010)
Founders	Fred Hu Kenneth Wong William Wong Haitao Zhai
Headquarters	The Landmark, Hong Kong
Products	Private equity Growth equity Venture capital Private credit
AUM	US$20 billion (November 2022)[1]
Website	www.primavera-capital.com

In 2023, Private Equity International, ranked Primavera as the fifth largest private equity firm in Asia based on total fundraising over the most recent five-year period.^[5]

History

Fred Hu was previously a partner and the chairman of Greater China at Goldman Sachs. In 2010, Hu and several other managing directors at Goldman Sachs founded Primavera.^{[4][6][7][8][9]}

The firm primarily invests in China but in recent years has diversified into Southeast Asia and North America.^[8]

Institutional investors of the firm include AIA Group, Bank of China, MetLife, Pennsylvania State Employees' Retirement System, State Street Corporation, Varma Mutual Pension Insurance Company and TSMC.^[9]

Primavera was an anchor pre-IPO investor of Alibaba. It has also invested in multiple subsidiaries of it including Alipay, Ant Group and Cainiao.^{[2][3][4][7][9]} In 2017, it purchased Stratford School, a group of private schools operating in Norther and Southern California.^[10]

In January 2021, Primavera held an initial public offering (IPO) of a SPAC, Primavera Capital Acquisition Corporation on the New York Stock Exchange (NYSE) raising $360 Million. In December 2022, Lanvin Group merged with Primavera Capital Acquisition Corporation to become a listed company on the NYSE raising $150 million.^[11][12][13]

In 2022, Primavera launched its private credit strategy with its debut private credit fund raising $300 million.^[14]

In January 2022, Primavera acquired The Princeton Review and its subsidiary Tutor.com from ST Unitas, gaining attention in May 2023.^[2][3] In September 2023, Florida governor Ron DeSantis announced that voucher programs for four private schools owned by Spring Education Group would be ended due to alleged ties to the Chinese Communist Party (CCP) via its majority owner, Primavera Capital Group and its CEO Fred Hu.^{[15][16][17][18]} Fred Hu denied any membership in the CCP.^[18]