China Ping An Insurance Overseas (Holdings) Limited, the main offshore investment and asset management platform of Ping An Insurance (Group) Company of China, Ltd (2318 HK, 601318 SH), together with its subsidiaries (Ping An Overseas Holdings), has successfully closed Ping An Global Equity Selection Fund II (the Selection Fund II), and Ping An GP Opportunities Fund (the GP Opportunities Fund) (collectively the Funds).
The two funds combined received a total capital commitment of USD750 million from a group of global investors, anchored by the Vintage Funds within Goldman Sachs Asset Management (Goldman Sachs), montana capital partners (mcp) and Ardian. In 2020, montana capital partners also anchored the predecessor funds. Ping An Overseas Holdings is a Limited Partner in the Funds alongside other investors.
Following the closing of Ping An Global Equity Selection Fund and Ping An Global Equity Fund in 2020, the Funds are a continuation of Ping An Overseas Holdings’ dedicated investment programme focusing on overseas private equity investing. The Selection Fund II operates a private equity program that was invested by Ping An into a well-diversified portfolio of top-tier buyout managers in North America and Europe and was transferred as part of a secondary transaction. The GP Opportunities Fund is set up to capture the co-investment and secondary investment opportunities sourced from Ping An Overseas Holdings’ extensive network of global GP relationships.
Hoi Tung, Chairman and CEO of Ping An Overseas Holdings, comments: “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.”
Read more/Source: Property Funds World
