18.05.2022, 15:15

Ping An Overseas Holdings Announces Successfully Raising USD 300 Million for China New Economy Fund

HONG KONG, May 18, 2022   /PRNewswire/ -- 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 ("PAOH"), is pleased to announce that, Ping An China New Economy Fund, LP (the "Fund") has achieved USD 300 million in capital commitments.

Ping An China New Economy Fund is the only dedicated USD-denominated investment vehicle of Ping An focusing on growth-stage private equity investing in Greater China. The Fund will be managed by a seasoned investment team of high caliber, with diverse investment and business development experience in the Greater China region, as well as proven track record of outstanding investment performance. 

The Fund will primarily focus on sectors that benefit from China's economic transformation, and where PAOH has extensive experience and historical success. The Fund targets opportunities where it has advantaged angles of value-creation, which will enhance the abilities of PAOH in getting access to the most compelling investment opportunities, and also providing meaningful post-investment services to its invested companies. The breadth of the "Ping An ecosystem" should make PAOH a "partner of choice" of enterprises in its focused sectors.

"We are in a highly tumultuous and challenging time unseen in many decades – the heightening geopolitical tension globally, raging inflation, and the pandemic yet to be tamed have all created a great amount of risk and uncertainties to investors," said Hoi Tung, Chairman and CEO of PAOH. "The successful formation of the Fund demonstrates our investors' strong vote of confidence on PAOH as a strategic partner to help them navigate the highly challenging investment environment today, as well as a trusted steward of capital to deliver compelling risk-adjusted return for their assets."

"China's long-term growth potential remains intact – the expansion of middle-class population, strong push on innovation and productivity growth, and the nationwide emphasis on environmental sustainability are all logically essential to the continued prosperity of China. History tells us that the best and most innovative companies are created in tough times, and we believe many of the recent 'turns of events' will provide us with opportunities to partner with some of the highest quality enterprises over the investment period of the Fund," said Kaipin Kui, Deputy General Manager 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 China, Ltd. (HKEX: 2318; SSE: 601318).

We have strong offshore investment research and portfolio management capabilities and are committed to providing clients with a wide range of overseas investment products, asset management and consulting services. We offer capital markets investment services including open-/closed-end funds, ETFs and mandates in equity, fixed income, funds of hedge funds, and AI and quantitative investments, and alternative investment services including funds, co-investments and direct investments in global (mainly US and Europe) private equity, private debt, infrastructure and real estate. 

 

 

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Source: China Ping An Insurance Overseas (Holdings) Limited