Hidden Hill Capital, the private equity arm of global logistics giant GLP, has closed its Hidden Hill Foundation Fund at $465 million, according to a statement by the company on Friday.

The company added that the fund has exceeded its initial target, but did not say by how much.

The vehicle will target investments in cost- and energy-conscious logistics and supply chain investments across China and the rest of Asia.

According to the statement, the fund received commitments from TPG’s Hong Kong-based PE firm NewQuest Capital Partners and other limited partners in North America, Asia and Europe.

Hidden Hill Capital has backed companies such as JD.com’s JD Logistics, Indonesia’s J&T Express and has also made related technology investments in Jakarta-based Jet Commerce, China’s Libiao Robotics and Tokyo-based Telexistence.

In October, DealStreetAsia reported that Geely’s Hangzhou-based new energy vehicle brand Farizon Auto raised a $300 million pre-Series A round led by Hidden Hill. 

Established in 2018, Hidden Hill manages over $3.6 billion of assets across five RMB funds and two USD funds. GLP, also invests in logistics, data centres, renewable energy and related technologies with approximately $115 billion in assets under management in real estate and private equity.

“Hidden Hill invests in companies that leverage the strength of GLP’s logistics ecosystem and are taking part in the global energy transition that will help support our commitment to reducing energy consumption and carbon impact in the global supply chain,” said Teresa Zhuge, executive vice chairman of GLP China in the statement.

Last year in October, Hidden Hill and YKC Clean Energy Technologies raised an RMB-denominated fund worth $31 million in its first close for electric vehicle infrastructure investments in China.