Coller Capital closes one of the world’s largest private credit secondaries deals

Business deal

Coller Capital and Ping An Overseas Holdings has closed one of the world’s largest private credit secondaries transactions for a credit portfolio managed by Ping An, together with its subsidiaries – the main offshore investment and asset management platform of Ping An Insurance Company of China.

The deal will close on 30th July 2021. Following the closure of the transaction Ping An will continue to manage the portfolio, which consists of four flagship credit funds managed by blue-chip North American and European managers.

The portfolio is highly diversified, covering 400 positions in more than 250 companies and spread across a range of industries, including professional services, healthcare and telecommunications.

“This is the world’s largest private credit secondaries transaction and exactly the kind of complex investment opportunity in which Coller Capital specialises,” said Jeremy Coller, CIO of Coller Capital.

Coller's investment and co-investment vehicles are investing USD580 million of a total transaction value of USD680 million, while an Asian institution is investing USD100 million alongside Coller.

"Over the past few years, we have seen strong growth in investor interest in credit funds, which have proven to be a source of sustainable income for investors despite market turbulence. By working with leading credit fund managers around the globe, we will continue to find attractive investment opportunities and deliver value to our partners and clients,” commented Hoi Tung, chairman & CEO of Ping An Overseas Holdings.

Founded in 1990 by UK-based investor and philanthropist Jeremy Coller and headquartered in London with offices in New York and Hong Kong, Coller Capital acquires interests in private equity, private credit, and other private markets assets.

In January 2021, the firm closed Coller International Partners VIII, with committed capital of just over USD9 billion and backing from over 200 institutional investors including co-investment vehicles.