On May 21, 2018, Adobe Systems bought California-based e-commerce software company Magento for $1.68 billion. The announcement came 18 months after Hillhouse invested in the company, taking a significant stake.

In late 2016, Magento invited Hillhouse to invest in a proprietary round, looking to leverage the PE firm’s expertise in the e-commerce space and knowledge of the Asian market.

Adobe Systems’ announcement came in the midst of a number of Hillhouse-backed companies listing in the public markets or being bought by other industry players. Among the portfolio companies participating in these types of transactions in the months leading up to the Magento acquisition were iQiyi (Nasdaq IPO), Wuxi AppTec (SEHK IPO) and MoBike (acquired by Meituan).