Ping An Overseas Holdings looks to increase private equity investment with total of USD 750 million raised by two funds.
China Ping An Insurance Overseas (Holdings) Limited announced today that they, along with Ping An Insurance (Group) Company of China and its subsidiaries, have successfully closed the Ping An Global Equity Selection Fund II as well as the Ping An GP Opportunities Fund.
The two funds are anchored by Vintage Funds (under Goldman Sachs Asset Management), Montana Capital and Adrian. These two funds received a total of USD 750 million from the two anchors and other global investors. The Selection Fund II is dedicated to an overseas private equity program that Ping An invested into a diversified portfolio of top-tier buyout managers in North America and Europe. The fund was transferred as part of a secondary transaction. On the other hand, the GP Fund is aimed at capturing the co-investment and secondary investment opportunities sourced from Ping An and global GP's network and relationships.
The CEO and Chairman of Ping An Overseas, Hoi Tung, states that: "We are grateful to have the backing of our existing limited partners, Montana Capital partners and Ardian, and welcome the support and trust of Goldman Sachs. The successful closing of the Selection Fund II and the GP Opportunities Fund further advances our mission to provide diversified investment opportunities with compelling risk-adjusted returns to our third-party investing partners."