China-focused private equity fund manager Hillhouse Capital has reached a final close for Hillhouse Fund IV with US$10.6 billion in capital commitments. Investors in the fund include San Francisco Employees Retirement Fund, which committed US$100 million, Texas County and District Retirement System, which committed US$85 million, and other pension funds, sovereign wealth funds and financial institutions. Fund IV will seek opportunities in the health care, consumer, technology and service sectors globally, with a focus on Asia-based companies.