Asian equity markets endured more than their fair share of volatility over the past year, which took a toll on the region’s hedge funds. The top 25 hedge funds in Asia managing a combined $90 billion as of April 1 — down 15 percent from the previous year. Still, these firms mostly managed to contain the damage, with several either holding steady or posting fairly modest decreases in assets. Beijing-based Hillhouse Capital Group tops the list for the third year in a row, at $20 billion, while Hong Kong-based Value Partners comes in at No. 2 with $14.6 billion in assets and Shanghai-based Greenwoods Asset Management Co. lands at No. 3 with $5.5 billion.