China Ping An Insurance Overseas (Holdings) Limited, the main offshore investment and asset management platform of Ping An Insurance (Group) Company of China, together with its subsidiaries, announces the successful closing of its third vintage of private equity fund program.
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The Fund is a continuation of China Ping An Insurance Overseas (Holdings) Limited Raises USD850 Mn Fund for Overseas Private Equity Investing’s dedicated investment program focusing on the overseas private equity market. It comprises a well-diversified portfolio of top-tier buyout and growth managers in North America and Europe which was invested by Ping An and was transferred to the Fund as a secondary transaction.
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The Fund also includes a mandate that will invest in co-investment opportunities sourced from Ping An’s extensive network of global GP relationships.
The Fund received a total capital commitment of USD 850 million from a group of global investors, led by AlpInvest Partners (“AlpInvest”) and Montana Capital Partners (“mcp”). GIC, which previously anchored a predecessor private equity fund managed by PAOH with mcp, has participated in the Fund as well. China Ping An Insurance Overseas (Holdings) Limited Raises USD850 Mn Fund for Overseas Private Equity Investing and other investors are also limited partners in the Fund.
Hoi Tung, Chairman and CEO of China Ping An Insurance Overseas (Holdings) Limited, commented: “We are delighted to see the successful closing of our third fund vintage. We are particularly grateful for the support of our existing investors, GIC and mcp, as well as the trust of AlpInvest and other limited partners. This is a great vote of confidence and recognition in our investment capability, track record and operational governance. We look forward to capturing more compelling investment opportunities in the global market for our prestigious partners.”
Dr. Christoph Jäckel, Managing Partner of mcp, said: “We are honored to deepen our long-standing relationship with Ping An by structuring another customized and complex carve-out transaction. This secondary investment opportunity is a great showcase for mcp’s ability to add value for our investors by providing exposure to high-quality private equity assets in unique ways through direct negotiations.”
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, noted: “GIC is pleased to extend our relationship with Ping An, along with AlpInvest and Montana Capital, through another secondary transaction following the success of our prior commitment. Ping An has continued to invest with well-regarded managers, creating another compelling opportunity for GIC.”
Wendy Zhu, Managing Director at AlpInvest Partners said, “We are excited to partner with PAOH in identifying and building out a high quality global private equity portfolio managed by our selected global private equity managers. We look forward to the collaboration between our firms and to support PAOH in building an industry-leading asset management franchise.”
About China Ping An Insurance Overseas (Holdings) Limited
China Ping An Insurance Overseas (Holdings) Limited is a direct wholly-owned subsidiary of Ping An Insurance (Group) Company of China, Ltd. PAOH and its subsidiaries have strong offshore investment research and portfolio management capabilities and are committed to providing clients with a wide range of overseas investment products, asset management and consulting services.
It offer capital markets investment services including open-/closed-end funds, ETF and mandates in equity, fixed income, hedge funds, and AI and quantitative investments, and alternative investment services including funds, co-investments and direct investments in global (mainly US and Europe) private equity, private debt, infrastructure and real estate.
