Ping An Overseas Holdings Announces Successful $300 Million Fundraising for China New Economy Fund
HONG KONG, May 18, 2022 /PRNewswire/ — China Ping An Insurance Overseas (Holdings) Limited, the leading offshore investment and asset management platform of Ping An Insurance (Group) Company of Chinaltd. (2318.HK, 601318.SH), together with its subsidiaries (“PAOH”), is pleased to announce that Ping An China New Economy Fund, LP (the “Fund”) has reached $300 million in capital commitments.
Ping An China New Economy Fund is Ping An’s only dedicated USD-denominated investment vehicle that focuses on growth-stage private equity investments in Greater China. The Fund will be managed by a seasoned, high-calibre investment team with diverse investment and business development experience in the Greater China region, as well as a proven track record of exceptional investment performance.
The Fund will primarily focus on sectors that benefit from China economic transformation, and where PAOH has extensive experience and historical success. The Fund targets opportunities where it has favored value creation angles, which will enhance PAOH’s ability to access the most attractive investment opportunities and also provide meaningful post-investment services to the companies in which it invests. . The breadth of the “Ping An ecosystem” should make PAOH a “partner of choice” for companies in its targeted sectors.
“We are going through a very tumultuous and difficult time unprecedented for many decades – escalating geopolitical tensions globally, runaway inflation and the pandemic which has not yet been brought under control have all created a large amount of risks and uncertainties for investors.“, mentioned Hoi Tung, Chairman and CEO of PAOH. “The successful establishment of the Fund demonstrates our investors’ strong vote of confidence in PAOH as a strategic partner to help them navigate today’s very challenging investment environment, as well as a manager of trust capital to deliver a compelling risk-adjusted return for their assets.”
“China long-term growth potential remains intact – expanding middle-class population, strong push for innovation and productivity growth, and national focus on environmental sustainability are all logically essential to continued prosperity China. History tells us that the best and most innovative companies are created in difficult times, and we believe that many of the recent “turns of events” will provide us with opportunities to partner with some of the most qualified companies over the course of the Fund’s investment period,” said Kaipin Kui, Deputy Managing Director and Head of Private Equity at PAOH.
About China Ping An Insurance Overseas (Holdings) Limited
China Ping An Insurance Overseas (Holdings) Limited is a direct wholly owned subsidiary of Ping An Insurance (Group) Company of Chinaltd. (HKEX: 2318; SSE: 601318).
We have strong offshore investment research and portfolio management capabilities and are committed to providing our clients with a wide range of offshore investment products, asset management and advisory services. We offer capital markets investment services, including open/closed-end funds, ETFs and equity mandates, fixed income, funds of hedge funds and quantitative and AI investments, and investment services. alternative investments, including funds, co-investments and direct investments in global markets. (mainly in the United States and Europe) private equity, private debt, infrastructure and real estate.
SOURCE China Ping An Insurance Overseas (Holdings) Limited