fbpx
Wikipedia

Hillhouse Investment

January 01, 1970

Hillhouse Investment is a global private equity firm with an East Asian heritage.[2][3][4] Hillhouse was founded by Lei Zhang in 2005 with initial seed capital from the Yale University endowment and invests across East Asia, Southeast Asia, North America, and Europe.[5] Hillhouse has Asian offices in Singapore, Hong Kong, Beijing and Shanghai with additional international offices in New York City and London.[6]

Hillhouse Investment Management Ltd.
Company typePrivate
IndustryFinancial services
Founded2005; 19 years ago (2005)
FounderLei Zhang
Area served
East Asia
Southeast Asia
North America
Europe
AUM US$73.3 billion (31 July 2021)[1]
Websitewww.hillhouseinvestment.com

Hillhouse's assets under management ("AUM") were US$73.3 billion as of July 2021.[1] In October 2021, Hillhouse raised US$18 billion for its fifth flagship private equity fund, breaking the previous record set by KKR's US$15 billion pan-Asia private equity fund raised that same year.[7]

Hillhouse manages capital for institutional clients such as university endowments, foundations, sovereign wealth funds, pension funds, and family offices.[8][9] Hillhouse is a long-term fundamental research-driven equity investor, investing in all equity stages in sectors including consumer, healthcare, technology, and financials services.[10]

History edit

Lei Zhang founded Hillhouse Investment in June 2005 with an initial US$20 million of seed capital from the Yale University endowment through David Swensen, Yale's Chief Investment Officer at the time.[11]

By 2017, the firm had participated in more private equity acquisitions in the Asia-Pacific region than any other private equity firm, totaling $26 billion worth of transactions.[12]

In 2020, Hillhouse spun off its venture capital unit into an independent fund. The new fund is called GL Ventures.[13] As of 2020, Hillhouse was an investor in companies such as Airwallex.[14] Hillhouse was nearing raising US$18 billion to back three new funds in May 2021, higher than the projected $13 billion in April 2021, according to reports, with $10 billion to be allocated to buyouts, and the rest "split between growth equity and venture." The company at the time was managing $100 billion.[15] In August 2021, Hillhouse completed fundraising for its fifth flagship private equity investment fund at US$18 billion, the largest amount of capital raised by any private equity firm in Asia and breaking the previous record set by KKR's US$15 billion pan-Asia private equity fund, also raised in 2021.[7]

In 2022, Hillhouse started its first real estate-focused fund, the Hillhouse Real Asset Opportunities Fund (RAOF), with a total investment of more than $2 billion.[16]

Performance edit

Hillhouse's rapid growth stemmed from its investing track record, with up to 52% annualized returns from inception until 2012[8][17][18] and continued strong performance as the firm scaled.[19]

Notable investments edit

Tencent Holdings Ltd: Some original $20 million provided from Yale was invested in Tencent Holdings in 2005. It was Hillhouse's earliest investment and one of their most profitable.[9]

JD.com: Hillhouse was an early investor in JD.com. At the time of the listing of JD.com on NASDAQ in May 2014, the company was valued at $26 billion. Hillhouse's original $255 million investment was, at the time of the IPO, valued at $3.9 billion.[20]

Blue Moon: Hillhouse invested in Blue Moon, a liquid detergent maker, in 2010 as its only outside institutional investor.[21][22]

Belle International: In July 2017, Hillhouse purchased footwear company Belle International for $6.8 billion.[23][24]

Global Logistic Properties: Hillhouse, together with Hopu Investment Management, purchased Singapore-based warehouse operator Global Logistic Properties in 2017 for $12 billion. At the time, it was the largest buyout of an Asian company.[24]

Little Freddie: In 2018, Hillhouse began investing in the food sector, including organic baby food and snack manufacturer Little Freddie, a Californian craft beer maker and a pet food brand.[25]

Miniso: In October 2018, Hillhouse signed a strategic investment agreement with Japanese-style retailer Miniso worth RMB 1 billion ($145.6 million).[26]

Philips Domestic Appliances: In August 2021, Hillhouse closed the deal of acquisition on the global domestic appliances business from Dutch conglomerate Philips.[27]

LifeStyles Healthcare: In December 2020, Hillhouse invested in Lifestyles Healthcare, an Australian global manufacturer of sexual wellness products. The company entered the Chinese market in 2006 after acquiring Jissbon.[28]

Gimborn: In 2016 Hillhouse acquired Gimborn, a German producer of cat litter and pet supplements, for an undisclosed sum.[29]

Zoom: Hillhouse was an investor in Zoom Video Communications in an early funding round in February 2015.[30]

Peet's Coffee: In 2017, Peet’s announced the formation of Peet’s Coffee China, an independently run joint venture formed by Peet’s Coffee and Hillhouse.[31]

BeiGene: Hillhouse co-led a round of financing for biotechnology company BeiGene in May 2015.[32]

Joint ventures edit

Hillhouse established an exclusive joint venture focused on China with the US healthcare provider, Mayo Clinic. Hillhouse works with the Mayo organization to expand its healthcare outreach in China.[33]

In November 2017, Peet's Coffee China, a partnership between Hillhouse and San Francisco-based Peet's Coffee, opened the first Peet's Coffee roastery in Shanghai.[34]

Investment philosophy edit

Hillhouse does deep and fundamental research on industries and business models, and applies the value investing philosophy in local contexts while investing in different geographies.[11]

According to the Financial Times, Hillhouse will often bring together leaders of their portfolio companies to share insights, believing that it is beneficial for executives to learn from one another.[11]

When it comes to buyout investments in traditional industries, Hillhouse has argued that technological innovation can be harnessed for job creation, saying that technology can act as an "equalizer" as opposed to a "disruptor."[35][36]

Notable investors edit

According to the Wall Street Journal, Stanford University pledged to invest about US$200 million with Hillhouse in August 2015.[37] With Stanford's investment, the firm manages "money for at least six of the 10 wealthiest universities in the U.S."[38]

The other university investors in Hillhouse include Princeton University, Massachusetts Institute of Technology, University of Pennsylvania, University of Texas, and Yale University.[37][39]

CPPIB committed US$200 million to Fund II in 2014, US$300 million to Fund III in 2016, and US$300 million to Fund IV in 2018.[40]

References edit

  1. ^ a b "Hillhouse Capital Advisors". docoh.com.
  2. ^ "Hillhouse in talks to take developer SOHO China private, sources say". CNBC. 2020-11-13. Retrieved 2021-01-28.
  3. ^ Zhu, Kane Wu, Julie (2020-08-20). "Ex-Warburg real estate veteran to team up with Hillhouse". Reuters. Retrieved 2021-01-28.{{cite news}}: CS1 maint: multiple names: authors list (link)
  4. ^ "Hillhouse Capital to Bid for Thyssenkrupp Elevator Unit". Bloomberg.com. 2019-11-18. Retrieved 2021-01-28.
  5. ^ Nadeem, M. (12 January 2015). "Hillhouse Capital Management Cuts Passive Stake". Insider Monkey. Retrieved 3 March 2015.
  6. ^ "Hillhouse Capital to Combine Singapore Offices in New Location". Bloomberg L.P. December 15, 2022.
  7. ^ a b Wu, Kane (28 October 2021). "Hong Kong's PAG seeking to raise $9 bln with new buyout fund". Reuters.
  8. ^ a b "Low-profile Beijing fund with envious record" (subscription only), ft.com, January 12, 2014. Partially retrieved 2015-08-18.
  9. ^ a b Hu, Bei (20 January 2015). "Hillhouse Capital Said to Raise $2 Billion Private Equity Fund". Bloomberg Business. Retrieved 3 March 2015.
  10. ^ Witkowsky, Chris (26 March 2020). "Hillhouse runs up against coronavirus downturn with ambitious target for next fundraising". Buyouts. Retrieved 5 December 2023.
  11. ^ a b c Sender, Henny (20 June 2014). "Zhang Lei has Lunch with the FT". Financial Times. Retrieved 20 April 2015.
  12. ^ Hu, Bei; Browning, Jonathan (14 February 2018). "Asia's Biggest Private Equity Acquirer Is Seeking $6 Billion". Bloomberg.com. Retrieved 11 November 2018.
  13. ^ "Private Equity Giant Hillhouse Sets Up 10 Billion Yuan Venture Fund - Caixin Global". www.caixinglobal.com. Retrieved 2021-04-17.
  14. ^ "Airwallex aims to upend global payments system", Henny Sender (7 July 2020), Financial Times. Retrieved 17 May 2022.
  15. ^ "Hillhouse Builds Investing War Chest With $18 Billion Raise", Lulu Yilun Chen (7 May 2021), Bloomberg. Retrieved 18 May 2022.
  16. ^ Cole, Michael (August 21, 2022). "CPPIB Boost Hillhouse Real Estate Fund to Final Close- Mingtiandi". Mingtiandi. Retrieved December 6, 2022.
  17. ^ McEnery, Thornton, "The 15 Biggest Asian-Based Hedge Funds", businessinsider.com, May 17, 2011. Retrieved 2015-12-21.
  18. ^ 804/Zhang-Value_Investing_Congress_West_2010.pdf [dead link] valuewalk.com, 2015/04.
  19. ^ "Research & Rankings: Top of the Hill" 2015-05-18 at the Wayback Machine, Institutional Investor's Alpha/cenveomobile.com, Summer 2014. Retrieved 2016-01-11.
  20. ^ "Hillhouse, DST And Capital Today To Exit In JD.Com's $500M Follow-On Offering". China Money Network. 25 November 2014. Retrieved 3 March 2015.
  21. ^ Stevenson, Alexandra (2 April 2015). "The Chinese Billionaire Zhang Lei Spins Research Into Investment Gold". The New York Times. Retrieved 1 December 2023.
  22. ^ Feng, Venus (16 December 2020). "Detergent Turns Former Teacher Into One of China's Richest Women". Bloomberg.com. Retrieved 1 December 2023.
  23. ^ "What China's Leading Tech Investor Saw In a Traditional Shoe Company". Fortune. Retrieved 2018-11-20.
  24. ^ a b Hu, Bei; Browning, Jonathan (14 February 2018). "Asia's Biggest Private Equity Acquirer Is Seeking $6 Billion". Bloomberg.com. Retrieved 20 November 2018.
  25. ^ Hu, Bei (30 October 2018). "China's Hunger for Safe Food Attracts Tencent-Backer Hillhouse". www.bloomberg.com. Retrieved 2018-12-02.
  26. ^ "Tencent, Hillhouse Agree to $145M Deal With Retailer MINISO - Mingtiandi". Mingtiandi. 2018-10-05. Retrieved 2018-12-02.
  27. ^ "Philips Sells Appliances to Hillhouse in $4.4 Billion Deal". Bloomberg.com. 25 March 2021.
  28. ^ Pei Li and Dong Cao (February 16, 2023). "Jissbon Condom Maker Lifestyles China Weigh $300 Million HK IPO, Sources Say". Bloomberg L.P.
  29. ^ "Hillhouse Capital acquires Gimborn from Penta Investments". PetWorldwide. May 10, 2016. Retrieved 1 December 2023.
  30. ^ McDonald, Michael; Chen, Lulu Yilun (28 April 2020). "From investments in Tencent to Zoom, Hillhouse founder Lei Zhang is one of the world's richest financiers". The Economic Times. Retrieved 5 December 2023.
  31. ^ Phillips, Justin (22 November 2017). "Peet's opens Shanghai cafe and roastery in first international..." San Francisco Chronicle. Retrieved 5 December 2023.
  32. ^ Garde, Damian (12 May 2015). "China's BeiGene banks $97M to get its cancer drugs into the clinic". Retrieved 5 December 2023.
  33. ^ . Getin. 27 January 2015. Archived from the original on 2015-04-02. Retrieved 3 March 2015.
  34. ^ "Peet's opens Shanghai cafe and roastery in first international foray". SFChronicle.com. 2017-11-22. Retrieved 2019-12-16.
  35. ^ "What China's Leading Tech Investor Saw In a Traditional Shoe Company". Fortune. Retrieved 2020-01-07.
  36. ^ "Goldman Sachs | Talks at GS - Lei Zhang, Founder and CEO of Hillhouse Capital". Goldman Sachs. Retrieved 2020-01-07.
  37. ^ a b York, Mia Lamar in Hong Kong and Timothy W. Martin in New (17 August 2015). "Stanford Is Giving This Chinese Investor $200 Million". Wall Street Journal. Retrieved 2019-12-31.
  38. ^ Lamar, Mia, and Timothy W. Martin, "Stanford to hand $200 million to Chinese fund manager", MarketWatch, August 18, 2015. Retrieved 2015-08-18.
  39. ^ Heles, Thierry (19 August 2015). "Stanford moves into Hillhouse with $200m". Global University Venturing. Retrieved 31 December 2019.
  40. ^ "Private Equity Asia | CPPIB | Canada Pension Plan Investment Board". www.cppib.com. Retrieved 2019-12-31.

External links edit

  • Hillhouse official website
  • "Lei Zhang's Lecture" at Columbia Business School; notes by Zong Z. Peng via market folly.com, 29 July 2015.

January 01, 1970
hillhouse, investment, global, private, equity, firm, with, east, asian, heritage, hillhouse, founded, zhang, 2005, with, initial, seed, capital, from, yale, university, endowment, invests, across, east, asia, southeast, asia, north, america, europe, hillhouse. Hillhouse Investment is a global private equity firm with an East Asian heritage 2 3 4 Hillhouse was founded by Lei Zhang in 2005 with initial seed capital from the Yale University endowment and invests across East Asia Southeast Asia North America and Europe 5 Hillhouse has Asian offices in Singapore Hong Kong Beijing and Shanghai with additional international offices in New York City and London 6 Hillhouse Investment Management Ltd Company typePrivateIndustryFinancial servicesFounded2005 19 years ago 2005 FounderLei ZhangArea servedEast AsiaSoutheast AsiaNorth AmericaEuropeAUMUS 73 3 billion 31 July 2021 1 Websitewww hillhouseinvestment com Hillhouse s assets under management AUM were US 73 3 billion as of July 2021 1 In October 2021 Hillhouse raised US 18 billion for its fifth flagship private equity fund breaking the previous record set by KKR s US 15 billion pan Asia private equity fund raised that same year 7 Hillhouse manages capital for institutional clients such as university endowments foundations sovereign wealth funds pension funds and family offices 8 9 Hillhouse is a long term fundamental research driven equity investor investing in all equity stages in sectors including consumer healthcare technology and financials services 10 Contents 1 History 2 Performance 3 Notable investments 4 Joint ventures 5 Investment philosophy 6 Notable investors 7 References 8 External linksHistory editLei Zhang founded Hillhouse Investment in June 2005 with an initial US 20 million of seed capital from the Yale University endowment through David Swensen Yale s Chief Investment Officer at the time 11 By 2017 the firm had participated in more private equity acquisitions in the Asia Pacific region than any other private equity firm totaling 26 billion worth of transactions 12 In 2020 Hillhouse spun off its venture capital unit into an independent fund The new fund is called GL Ventures 13 As of 2020 Hillhouse was an investor in companies such as Airwallex 14 Hillhouse was nearing raising US 18 billion to back three new funds in May 2021 higher than the projected 13 billion in April 2021 according to reports with 10 billion to be allocated to buyouts and the rest split between growth equity and venture The company at the time was managing 100 billion 15 In August 2021 Hillhouse completed fundraising for its fifth flagship private equity investment fund at US 18 billion the largest amount of capital raised by any private equity firm in Asia and breaking the previous record set by KKR s US 15 billion pan Asia private equity fund also raised in 2021 7 In 2022 Hillhouse started its first real estate focused fund the Hillhouse Real Asset Opportunities Fund RAOF with a total investment of more than 2 billion 16 Performance editHillhouse s rapid growth stemmed from its investing track record with up to 52 annualized returns from inception until 2012 8 17 18 and continued strong performance as the firm scaled 19 Notable investments editTencent Holdings Ltd Some original 20 million provided from Yale was invested in Tencent Holdings in 2005 It was Hillhouse s earliest investment and one of their most profitable 9 JD com Hillhouse was an early investor in JD com At the time of the listing of JD com on NASDAQ in May 2014 the company was valued at 26 billion Hillhouse s original 255 million investment was at the time of the IPO valued at 3 9 billion 20 Blue Moon Hillhouse invested in Blue Moon a liquid detergent maker in 2010 as its only outside institutional investor 21 22 Belle International In July 2017 Hillhouse purchased footwear company Belle International for 6 8 billion 23 24 Global Logistic Properties Hillhouse together with Hopu Investment Management purchased Singapore based warehouse operator Global Logistic Properties in 2017 for 12 billion At the time it was the largest buyout of an Asian company 24 Little Freddie In 2018 Hillhouse began investing in the food sector including organic baby food and snack manufacturer Little Freddie a Californian craft beer maker and a pet food brand 25 Miniso In October 2018 Hillhouse signed a strategic investment agreement with Japanese style retailer Miniso worth RMB 1 billion 145 6 million 26 Philips Domestic Appliances In August 2021 Hillhouse closed the deal of acquisition on the global domestic appliances business from Dutch conglomerate Philips 27 LifeStyles Healthcare In December 2020 Hillhouse invested in Lifestyles Healthcare an Australian global manufacturer of sexual wellness products The company entered the Chinese market in 2006 after acquiring Jissbon 28 Gimborn In 2016 Hillhouse acquired Gimborn a German producer of cat litter and pet supplements for an undisclosed sum 29 Zoom Hillhouse was an investor in Zoom Video Communications in an early funding round in February 2015 30 Peet s Coffee In 2017 Peet s announced the formation of Peet s Coffee China an independently run joint venture formed by Peet s Coffee and Hillhouse 31 BeiGene Hillhouse co led a round of financing for biotechnology company BeiGene in May 2015 32 Joint ventures editHillhouse established an exclusive joint venture focused on China with the US healthcare provider Mayo Clinic Hillhouse works with the Mayo organization to expand its healthcare outreach in China 33 In November 2017 Peet s Coffee China a partnership between Hillhouse and San Francisco based Peet s Coffee opened the first Peet s Coffee roastery in Shanghai 34 Investment philosophy editHillhouse does deep and fundamental research on industries and business models and applies the value investing philosophy in local contexts while investing in different geographies 11 According to the Financial Times Hillhouse will often bring together leaders of their portfolio companies to share insights believing that it is beneficial for executives to learn from one another 11 When it comes to buyout investments in traditional industries Hillhouse has argued that technological innovation can be harnessed for job creation saying that technology can act as an equalizer as opposed to a disruptor 35 36 Notable investors editAccording to the Wall Street Journal Stanford University pledged to invest about US 200 million with Hillhouse in August 2015 37 With Stanford s investment the firm manages money for at least six of the 10 wealthiest universities in the U S 38 The other university investors in Hillhouse include Princeton University Massachusetts Institute of Technology University of Pennsylvania University of Texas and Yale University 37 39 CPPIB committed US 200 million to Fund II in 2014 US 300 million to Fund III in 2016 and US 300 million to Fund IV in 2018 40 References edit a b Hillhouse Capital Advisors docoh com Hillhouse in talks to take developer SOHO China private sources say CNBC 2020 11 13 Retrieved 2021 01 28 Zhu Kane Wu Julie 2020 08 20 Ex Warburg real estate veteran to team up with Hillhouse Reuters Retrieved 2021 01 28 a href Template Cite news html title Template Cite news cite news a CS1 maint multiple names authors list link Hillhouse Capital to Bid for Thyssenkrupp Elevator Unit Bloomberg com 2019 11 18 Retrieved 2021 01 28 Nadeem M 12 January 2015 Hillhouse Capital Management Cuts Passive Stake Insider Monkey Retrieved 3 March 2015 Hillhouse Capital to Combine Singapore Offices in New Location Bloomberg L P December 15 2022 a b Wu Kane 28 October 2021 Hong Kong s PAG seeking to raise 9 bln with new buyout fund Reuters a b Low profile Beijing fund with envious record subscription only ft com January 12 2014 Partially retrieved 2015 08 18 a b Hu Bei 20 January 2015 Hillhouse Capital Said to Raise 2 Billion Private Equity Fund Bloomberg Business Retrieved 3 March 2015 Witkowsky Chris 26 March 2020 Hillhouse runs up against coronavirus downturn with ambitious target for next fundraising Buyouts Retrieved 5 December 2023 a b c Sender Henny 20 June 2014 Zhang Lei has Lunch with the FT Financial Times Retrieved 20 April 2015 Hu Bei Browning Jonathan 14 February 2018 Asia s Biggest Private Equity Acquirer Is Seeking 6 Billion Bloomberg com Retrieved 11 November 2018 Private Equity Giant Hillhouse Sets Up 10 Billion Yuan Venture Fund Caixin Global www caixinglobal com Retrieved 2021 04 17 Airwallex aims to upend global payments system Henny Sender 7 July 2020 Financial Times Retrieved 17 May 2022 Hillhouse Builds Investing War Chest With 18 Billion Raise Lulu Yilun Chen 7 May 2021 Bloomberg Retrieved 18 May 2022 Cole Michael August 21 2022 CPPIB Boost Hillhouse Real Estate Fund to Final Close Mingtiandi Mingtiandi Retrieved December 6 2022 McEnery Thornton The 15 Biggest Asian Based Hedge Funds businessinsider com May 17 2011 Retrieved 2015 12 21 804 Zhang Value Investing Congress West 2010 pdf dead link valuewalk com 2015 04 Research amp Rankings Top of the Hill Archived 2015 05 18 at the Wayback Machine Institutional Investor s Alpha cenveomobile com Summer 2014 Retrieved 2016 01 11 Hillhouse DST And Capital Today To Exit In JD Com s 500M Follow On Offering China Money Network 25 November 2014 Retrieved 3 March 2015 Stevenson Alexandra 2 April 2015 The Chinese Billionaire Zhang Lei Spins Research Into Investment Gold The New York Times Retrieved 1 December 2023 Feng Venus 16 December 2020 Detergent Turns Former Teacher Into One of China s Richest Women Bloomberg com Retrieved 1 December 2023 What China s Leading Tech Investor Saw In a Traditional Shoe Company Fortune Retrieved 2018 11 20 a b Hu Bei Browning Jonathan 14 February 2018 Asia s Biggest Private Equity Acquirer Is Seeking 6 Billion Bloomberg com Retrieved 20 November 2018 Hu Bei 30 October 2018 China s Hunger for Safe Food Attracts Tencent Backer Hillhouse www bloomberg com Retrieved 2018 12 02 Tencent Hillhouse Agree to 145M Deal With Retailer MINISO Mingtiandi Mingtiandi 2018 10 05 Retrieved 2018 12 02 Philips Sells Appliances to Hillhouse in 4 4 Billion Deal Bloomberg com 25 March 2021 Pei Li and Dong Cao February 16 2023 Jissbon Condom Maker Lifestyles China Weigh 300 Million HK IPO Sources Say Bloomberg L P Hillhouse Capital acquires Gimborn from Penta Investments PetWorldwide May 10 2016 Retrieved 1 December 2023 McDonald Michael Chen Lulu Yilun 28 April 2020 From investments in Tencent to Zoom Hillhouse founder Lei Zhang is one of the world s richest financiers The Economic Times Retrieved 5 December 2023 Phillips Justin 22 November 2017 Peet s opens Shanghai cafe and roastery in first international San Francisco Chronicle Retrieved 5 December 2023 Garde Damian 12 May 2015 China s BeiGene banks 97M to get its cancer drugs into the clinic Retrieved 5 December 2023 Mayo and Hillhouse Capital China for the first time to develop flexible business model of medical services Getin 27 January 2015 Archived from the original on 2015 04 02 Retrieved 3 March 2015 Peet s opens Shanghai cafe and roastery in first international foray SFChronicle com 2017 11 22 Retrieved 2019 12 16 What China s Leading Tech Investor Saw In a Traditional Shoe Company Fortune Retrieved 2020 01 07 Goldman Sachs Talks at GS Lei Zhang Founder and CEO of Hillhouse Capital Goldman Sachs Retrieved 2020 01 07 a b York Mia Lamar in Hong Kong and Timothy W Martin in New 17 August 2015 Stanford Is Giving This Chinese Investor 200 Million Wall Street Journal Retrieved 2019 12 31 Lamar Mia and Timothy W Martin Stanford to hand 200 million to Chinese fund manager MarketWatch August 18 2015 Retrieved 2015 08 18 Heles Thierry 19 August 2015 Stanford moves into Hillhouse with 200m Global University Venturing Retrieved 31 December 2019 Private Equity Asia CPPIB Canada Pension Plan Investment Board www cppib com Retrieved 2019 12 31 External links editHillhouse official website Lei Zhang s Lecture at Columbia Business School notes by Zong Z Peng via market folly com 29 July 2015 Retrieved from https en wikipedia org w index php title Hillhouse Investment amp oldid 1218477172, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.