China’s Ping An Insurance Overseas, the insurer’s wholly-owned offshore investment and asset management platform, has closed its third private equity (PE) fund at $850 million, according to a company announcement.
The fund commitments were led by London-based AlpInvest Partners and Switzerland’s Montana Capital Partners. Singapore sovereign wealth fund GIC and Ping An also signed on as limited partners (LPs). Other investors remained undisclosed.
A portfolio of existing stakes in buyout and growth managers in North America and Europe were transferred into the latest fund as a secondary transaction. The fund includes a mandate to co-invest in opportunities with its existing global general partner (GP), the statement said.
The firm directly invests in private equity, private credit, and infrastructure deals, as well as other managers and funds, operating as a fund-of-funds (FoF), according to its website.
Ping An closed its predecessor fund at $750 million three years ago, combining its second private equity fund and an opportunities fund. The two funds were jointly anchored by Goldman Sachs Asset Management, Montana Capital Partners, and French investor Ardian.
GIC and Montana Capital Partners also anchored the company’s first fund, which closed jointly with another one of its global equity funds at $875 million in 2020.
“We are particularly grateful for the support of our existing investors, GIC and mcp, as well as the trust of AlpInvest and other limited partners,” said Hoi Tung, chairman and CEO of Ping An Insurance Overseas in the statement.
