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).
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.”
“We are very thrilled to further extend our partnership with a group of well-respected investors. It’s great to see our distinctive investment approach and strategies have resonated with the investment community. We look forward to leveraging the support of our prestigious partners as we capture more compelling investment opportunities in the overseas markets as well as in the Greater China region,” says Kaipin Kui, Deputy General Manager and Head of Private Equity at Ping An Overseas Holdings.
“We are excited to partner with Ping An on this innovative secondary transaction and look forward to working with the Ping An team on the continued development of their private equity platform,” says Harold Hope, global head of secondary investing at Goldman Sachs.
Dr Marco Wulff, Co-Founder and Managing Partner of montana capital partners, says: “We are excited to have the opportunity to further strengthen our long-standing relationship with Ping An by co-leading and structuring another customised secondary investment opportunity. This transaction illustrates mcp’s persistent efforts to provide its investors with access to some of the highest quality assets in private equity through directly negotiated transactions off the beaten tracks.”
Jan Philipp Schmitz, Member of the Executive Board and Head of Ardian Asia, says: “We see this as an opportunity for Ardian to partner with a highly experienced team with a great track-record that we got to know well. This complex carve-out transaction is the perfect example of what we are able to offer to financial institutions in terms of portfolio and team structuring. Ping An has been a pioneer in China’s asset management industry and we look forward to supporting the team.”
