Gain insights into industry opportunities

Create unmatched values

Pioneer investor in logistic technology

Build a smart ecosystem

Help portfolio companies expand and upgrade

Drive integrated development for the industry

Hidden Hill Capital

Established in 2018, Hidden Hill Capital (“Hidden Hill”) is a private equity manager backed by GLP Capital Partners (“GCP”), the exclusive investment and asset manager of GLP.

Hidden Hill invests minority, significant minority, and strategic equity in companies in modern logistics, digital supply chains, renewable energy and related technologies, with a focus on cross-border opportunities across Asia.

It has more than US$4B in assets under management (AUM) across both RMB (Chinese Yuan) and USD private equity strategies, including its flagship Hidden Hill Modern Logistics Private Equity Fund (US$1.2B AUM), which was ranked the world’s second largest PropTech fund by PERE in 2021 and 2022.

Hidden Hill also debuted on PEI’s Top 300 Private Equity Managers list in 2022 and made it to the list again in 2023. The firm was also ranked No.2 on PERE’s Proptech 20 List for three consecutive years from 2021-2023.

  • US$4.0B


  • 8

    Active Funds

  • US$2.4B

    Total Invested Equity

  • 90

    VC/PE Companies Invested In

PERE Proptech 20
No.2 Globally
PEI 300 Private Equity Firms

Investment Philosophy


Hidden Hill has deep roots in China and Asia, where its local teams have strong relationships with entrepreneurs and key industry leaders. Hidden Hill leverages GCP and GLP’s global network, ecosystem, and deep industry insights to support its portfolio companies’ strategic plans, including cross-border expansion.


As a sector specialist, Hidden Hill has proprietary deal sourcing and portfolio development capabilities. It has a disciplined investment process with active post-investment management to enhance stakeholder value.

Hidden Hill’s two founding partners have more than 50 years of combined industry experience, and the business is supported by more than 60 professionals across five offices in Shanghai, Beijing, Hunan, Xiamen, and Hong Kong.

ESG Focused

Hidden Hill is a UN Principles for Responsible Investment (PRI) signatory in line with GCP. Together with GCP, Hidden Hill is committed to a broad range of ESG initiatives that elevate its business, create value for its shareholders, support its employees and show respect to the local communities in which it works.

Investment Themes


    Hidden Hill invests in logistics solutions that power the movement of goods along the supply chain. This includes shipping, air freight, railway and highway transportation, delivery and forwarding, and fulfilment and distribution platforms that provide tech-enabled logistics services and cross-border solutions.


    Hidden Hill invests in technologies that create supply chain efficiencies and reduce cost through digitization and automation.


    Hidden Hill is focused on technology investments related to modern logistics and supply chain optimization such as the Internet of Things and Robotics. It also invests in renewable technology solutions and companies that accelerate the adoption of renewable energy within the logistics services and supply chain to support the global energy transition and carbon emission reduction goals.

Portfolio Companies

  • Logistics Services
  • Digital Supply Chain
  • Technology Enablers

Main Funds


Hidden Hill RMB PE Fund I closed in 2018. Leveraging GCP and GLP’s global logistics ecosystem, it focuses on investments in logistics services, supply chain digitization and related technology.


Hidden Hill Foundation Fund closed in 2022. It focuses on investments in logistics services, supply chain digitization and technology across Asia. It also targets green investments and solutions that build resilience through supply chain diversification.


Hidden Hill Yueyang Case Fund is a separately managed account. It aims to invest in businesses that can enhance supply chain efficiency in Yueyang city in Hunan province, China.


In October 2021, Hidden Hill and its ecosystem partner YKC, a leading charge-point operator and electric vehicle (EV) software platform provider in China, established the Hidden Hill Carbon Neutral Fund to promote the building of EV charging stations and infrastructure in logistics warehouse parks. The fund also aims to create social and economic value in support of China’s carbon neutral goals.

Our Team

Hidden Hill has built a team with roots in Asia that combines deep industry knowledge with strong investment experience.
Hidden Hill continues to attract talent globally, sharpening its Pan-Asia investment platform.

  • Higashi Michihiro

    Founding and Managing Partner

    Prior to joining Hidden Hill, Higashi was Chief Investment Officer of GLP China, where he currently also serves as Chief Strategy Officer of GLP China. Higashi joined GLP in 2006, was instrumental in growing the scale and diversity of GLP’s China business. He was also responsible for managing and establishing strategic alliances in China.

    Higashi was formerly Senior Vice President and Head of Investment of GLP China and helped grow the GLP’s business in Japan. He was previously at Nomura Research Institute where he was responsible for corporate strategy consulting, and Oita Bank in equity research.

    Higashi received his Bachelor of Law from Wuhan University and a Master of Economics from Oita University.

    Higashi Michihiro

    Founding and Managing Partner

  • Richard Dong

    Founding and Managing Partner

    Richard is an industry veteran with more than 45 years of experience in the logistics industry.

    Prior to joining Hidden Hill, Richard served as a strategic advisor to GLP China and was on the board of several listed and private companies. He previously also held positions at Weichai Power, Linde Material Handling and the National Ministry of Machinery Industry in China and was the founding partner of Orient-Logistics Consulting and Global Connexion.

    Richard received his Bachelor of Engineering from Jilin University of Technology and EMBA from China Europe International Business School.

    Richard Dong

    Founding and Managing Partner

Submit Your Business Plan

China Eastern Air Logistics(CEAL)is China Eastern Airline’s cargo division and is a leading air cargo and logistics solutions company and listed on the Shanghai Stock Exchange (SHA: 601156). The company has 10 dedicated cargo planes and access to cargo space in over 700 passenger planes. CEA’s shipping network includes 170 countries globally with over 1000 destinations.
COSCO Shipping Logistics & Supply Chain Management(CSLSCM)is the logistics division of COSCO Shipping, the largest shipping company in China, and is building a world-class logistics and supply chain service platform for global clients by leveraging its unique position in China and relationship with COSCO Shipping.
Zhonggu Logistics provides container logistics services and is one of the earliest service providers to specialize in domestic coastal container cargo transportation in China.
Zongteng is a China-based leading global logistics and infrastructure service provider focusing on servicing cross-border e-commerce businesses.
China Southern Air Logistics (CSAL) is China Southern Airline’s cargo division and is a leading air cargo operator that owns 14 Boeing 777 cargo planes and 19 dedicated cargo shipping routes globally. China Southern Airlines’ (CSA) passenger business operates over 860 planes and is the largest in Asia and No. 3 worldwide.
BAIBU(ZJ Tech) provides a one-stop service for the textile industry in China, including fabric trading, warehousing and logistics, technology and financial solutions. It is a leader in supply chain digitalization of the traditional fabric/textile industry.
AUKEY is a leading cross-border e-commerce platform engaged in the design, R&D and sales of home-grown technology consumer products, and has full control of product development and design, marketing and promotion, warehousing and distribution.
Ouyeel is an online B2B steel trading service provider and marketplace. It allows steel buyers and sellers to connect and transact and offers services such as transactions, logistics and storage, order processing, and related financial products.
Wangjiahuan is a leading supply chain platform operator of agricultural food products in China targeting B2B clients including government agencies, hospitals, schools, chain restaurants, large supermarkets and other institutions. 
易久批是中国领先的覆盖多品类、涉及产业链上下游的快消全产业链互联网整合服务平台。秉持 “通过数字化改造、提升快销产业效率”的企业使命,易久批业务已布局B2B、物流、仓储、金融、连锁、拼团等产业链各环节。2019年,易久批平台已覆盖全国所有一二线城市及主要地级市共140余个,是中国国内最大的快消B2B销售网络。
找油网是一家创新型能源产业互联网公司,致力于通过科技创新优化能源产业供应链,通过数字化赋能能源产业供给侧改革,通过智 能供应链开启能源产业新零售变革,围绕国家能源战略打造一个开放、共享、高效、智能的能源产业互联网平台。
G7 is a road freight technology leader in China with a full suite of IoT SaaS service offerings along the logistics value chain. G7 is connected to over 2 million trucks in China and after its merger with E6, is also now the number one provider of cold chain logistics SaaS services in China.
YKC is a leading charge-point operator and electric vehicle software-as-a-service platform provider in China that is quickly expanding across Asia.
Libiao is a global leader in warehouse robotics, specializing in sorting, collection and storage. It has in-house software and hardware development capabilities to provide product manufacturing, customized solutions and project implementation.
Inceptio Technology is a China-based autonomous driving technology provider for trucks and freight network operator. It developed the Xuanyuan autonomous driving system and partnered with two leading heavy-duty truck manufacturers in China to mass produce L3 level autonomous driving trucks as of 2022. Inceptio has completed over 40 million kilometers of commercial rides with its L3 level autonomous trucks for over 20 logistics companies and shippers in China by Q1 2023 and has become a leader in autonomous truck solution provider globally.
HC Robots provides high-speed stereo storage systems to support three-dimensional warehouse automation and sorting.
Seer is an industrial logistics solution provider specializing in intelligent control and digitalization using mobile robots, AMR controllers and digital software. Headquartered in Shanghai, the company has 7 offices and 2 manufacturing bases across China, with business operations covered in over 20 countries and regions all over the world.
Xingyun Group is a leader in global B2B e-commerce service platform based in China. It provides global channel operation, distribution, and cross-border business services and has created a comprehensive global service system integrating overseas service, brand service, distribution channel service, and cross-border logistics service to help global products sold in China.
震坤行工业超市是一家数字化的工业用品服务平台 ,致力于工业用品供应链的数字化建设,助力企业采购管理数字化升级。以成就客户为导向,让工业用品采购和交付 透明、高效、低成本。
震坤行工业超市通过全链条的数字化改造能力,重构中国传统工业用品采销渠道。 为企业提供集交易平台、数字化工具、智能化服务 于一体的综合数字化供应链解决方案
首农电商采取B2B B2C与O2O相结合的运营模式,立足首都、展望京津冀、逐步完成在全国一线城市的战略布局,成长为全国生鲜电商领军品牌。
JD Logistics is China’s leading technology-driven supply chain solutions and logistics services provider and is listed on the Hong Kong Stock Exchange (HKG: 2618).
SANY Group spun off its electric powered heavy-duty truck division and created a leading manufacturer of electric powered heavy-duty trucks in China with global expansion plans.
J&T is a leading global logistics service provider headquartered in Indonesia focusing on last mile express delivery services in Southeast Asia, China, the Middle East and Latin America.
Li & Fung creates customized, end-to-end supply chain and logistics solutions for brands and retailers worldwide. The company was taken private from the Hong Kong Stock Exchange in 2020 by GLP and is continuing its digitization journey with post investment value add from Hidden Hill.
Jet Commerce is a leading Southeast Asia based e-commerce service provider. It also manufactures its own small appliances which are sold across SEA and other emerging markets.
Y.O.U Beauty is an international beauty brand from Indonesian headquartered HEBE Beauty Group. It is committed to providing women in South East Asia with accessible beauty products including makeup, skincare, body care, cosmetics and accessories.
eSign is a leading electronic signature and digital contract solutions service provider in China.
Deep Insights was formed through the merger of Quantum Asia Solutions’ integrated supply chain cloud platform with Gillion's digital solution for the shipping agency industry. Deep Insights intends to unify the supply chain system through digital solutions and AI technology to achieve efficiency and cost optimization.
RuiCycle is a leading lithium battery recycling technology company with operations in China and Korea.
WeLion focuses on the next generation solid lithium battery R&D, manufacturing and services.
Farizon is a manufacturer of EV commercial vehicles and is backed by China’s leading automobile manufacturer Geely.

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