(Yicai) Jan. 2 -- Hidden Hill Capital, the private equity arm of Singaporean logistics giant GLP, has raised CNY8 billion (USD1.1 billion) for the second phase of its Chinese yuan-denominated PE fund, which will mainly be invested in logistics startups.

The fund has received investment from insurers, state-owned investment platforms, industrial capital, and funds of funds, GLP announced on WeChat today. It will continue with the strategy of the first phase of the fund, which was set up in 2018, and mainly invest in modern logistics services, digital intelligent supply chains, and new energy, it added.

Hidden Hill has managed over CNY28 billion (USD3.9 billion) in yuan and US dollar-denominated funds since it was established in 2018. It has invested in around 100 companies, including Indonesian delivery giant J&T Express, Chinese self-driving truck startup Inceptio Technology, and China's largest overseas warehouse operator Zongteng Group.

The logistics industry has been growing fast over the past 20 years, with huge changes driven by technology, said Hidden Hill Managing Partner Dong Zhonglang. Based on long-term observations and its advantages in resources, the firm has invested in innovative and leading companies in the robotics, autonomous driving, and new energy fields to contribute to improving the efficiency of modern logistics, he added.

GLP is a large logistics infrastructure operator and investor with business in 17 countries and regions. Its assets under mangement totaled USD126 billion as of Sept. 30, with more than USD72 billion in China, according to its website.

Editor: Martin Kadiev