Ping An raises $875m for PE fund

Private equity searchChinese insurer Ping An has announced the successful closure of two private equity (PE) funds that have raised $875 million. The Ping An Global Equity Selection Fund and the Ping An Global Equity Fund received capital commitments from a number of global investors, anchored by Singapore-based investor GIC and Swiss firm Montana Capital Partners. The funds, managed by Ping An Overseas Holdings subsidiary, are the insurer’s first investment vehicles dedicated to overseas private equity investment. Whereas the Global Equity fund has been newly created to focus on the subsidiary’s global general partner relationships, the Selection fund operates an existing fund of funds program that invested in buyout managers in North America and Europe that has been transferred as part of a secondary transaction. Hoi Tung, Ping An Overseas Holdings chairman and chief executive, hailed the fund’s capital raising as “an important milestone” that signalled the firm’s “strategic transition from an in-house investment platform into an asset management franchise serving third-party investors”. © 2020 funds global Asia

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