Primavera Capital Group

Primavera Capital Group (Primavera; ) 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.

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.

Background
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.

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.

In December 2021, Primavera opened an office in Singapore.

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

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

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.

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. Fred Hu denied any membership in the CCP.

Notable deals
Primavera was an anchor pre-IPO investor of Alibaba. It has also invested in multiple subsidiaries of it including Alipay, Ant Group and Cainiao.

In September 2016, Primavera and Ant Group acquired a $460 million stake in Yum China before it was spun off from Yum! Brands as an independent company and listed on the NYSE on 1 November 2016.

In December 2017, Primavera acquired California-based Stratford Schools for $500 million in a leveraged buyout from Warburg Pincus.

In June 2021, Reckitt announced it would be selling its infant-formula and child-nutrition business in China to Primavera for $1.3 billion.

In October 2021, Primavera announced a strategic investment in Envision Energy.

In November 2021, Primavera joined as a new investor for GoTo.

In January 2022, Primavera acquired The Princeton Review and its subsidiary Tutor.com from ST Unitas, gaining attention in May 2023.

Notable investments

 * 4Paradigm
 * Alibaba
 * Alipay
 * Ant Group
 * ByteDance
 * Cainiao
 * GoTo
 * Lanvin Group
 * ProLogium
 * Reckitt
 * Spring Education Group
 * The Princeton Review
 * Tutor.com
 * XPeng
 * Yum China
 * Envision Energy.