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Chinese insurer Ping An raises $875 mn from GIC and others


The $875 mn funding are created from a strip sale of assets from the company’s balance sheet

Ping An, a China-based insurer, has completed two news funds with a capital commitment of $875 million, media reports said. The capital was injected by investors such as Singapore’s GIC and a few others.

It is reported that the funds are part of the company’s dedicated programme for overseas private equity investing. The $875 million funding are created from a strip sale of assets from the company’s balance sheet where Swiss private equity firm Montana Capital and GIC were the anchor investors.

It is reported that the company’s programme for the overseas private equity investing include Ping An Global Equity Selection Fund where the buyout managers are located in Europe and North America. Furthermore, the other programme Ping An Global Equity Fund is established to attract co-investors through the unit’s network.

Ping An, told the media, “the funds are the first dedicated investment programme focusing on overseas private equity funds for China Ping An Insurance Overseas Holdings”, its foreign investment unit, which is also a limited partner in the funds. It didn’t provide a breakdown of fundraising for each fund. The company’s private equity team deployed a dual strategy of fund/co-investing in the overseas markets, and direct investing in the Greater China region. The funds’ closing “represents our success of translating that strategy into market endorsement and recognition.”

It is reported that the company’s assets are worth $1.3 trillion as of June. The headquarter of the company is located in Shenzhen.

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