(Hong Kong, Shanghai, 19 October 2020) China Ping An Insurance Overseas (Holdings) Limited, the main offshore investment and asset management platform of Ping An Insurance (Group) Company of China, Ltd. (HKEX: 02318; SSE: 601318), together with its subsidiaries (“Ping An Overseas Holdings”), have announced the successful closing of the Ping An Global Equity Selection Fund (the “Selection Fund”), and the Ping An Global Equity Fund (the “Global Equity Fund”) (collectively the “Funds”).
The two funds combined received a total capital commitment of USD875 million from a group of global investors, anchored by GIC and Switzerland-based Montana Capital Partners. Ping An Overseas Holdings is also a Limited Partner in the Funds alongside other investors.
The Funds represent Ping An Overseas Holdings’ first dedicated investment program focusing on overseas private equity investing. The Selection Fund operates a fund of funds 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 Global Equity Fund is set up to capture the co-investment opportunities sourced from Ping An Overseas Holdings’ extensive network of global general partner relationships.
Mr. Hoi Tung, Ping An Group Investment Committee Member and Chairman & CEO of Ping An Overseas Holdings, said: “The successful closing of the Selection Fund and the Global Equity Fund is an important milestone of Ping An Overseas Holdings’ strategic transition from an in-house investment platform into an asset management franchise serving third-party investors. We are grateful for the support and trust of GIC and Montana Capital Partners, which represent a strong vote of confidence in our professional ability and expertise in serving top-notch institutional investors globally. With our diversified product offerings, high-quality investment execution, and robust decision-making process, I am confident that Ping An Overseas Holdings can continue to offer investment opportunities with compelling risk-adjusted returns to our third-party investing partners.”
Mr. Kaipin Kui, Assistant General Manager and Head of Private Equity at Ping An Overseas Holdings, said: “We are very thankful for the opportunity to work with a group of highly regarded investors for this transaction. Since inception, Ping An Overseas Holdings’ private equity team deployed a dual strategy of fund/co-investing in the overseas markets, and direct investing in the Greater China region. The closing of the funds represents our success of translating that strategy into market endorsement and recognition. Building upon this success, we will continue to enhance our investment capabilities, track record and proprietary investment insights to capture interesting investment opportunities in overseas markets, as well as in Greater China."
Mr. Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, notes: “GIC is pleased to have had the chance to work with Ping An and Montana Capital to anchor this secondary transaction. As a leading, long-term investor across cycles, GIC consistently seeks opportunities to prudently deploy capital at attractive risk-adjusted returns, even during times of heightened volatility. We believe the Ping An Funds, and the portfolio of well-regarded managers they have invested in, created a compelling opportunity for GIC to do so. We look forward to the success of the newly established Funds and to future opportunities for collaboration with our partners.”
Dr. Marco Wulff, Co-Founder and Managing Partner of Montana Capital Partners, concludes: “We are very excited about having co-led and structured this secondary investment, and for the opportunity to further deepen our relationship with Ping An and continue the great cooperation with GIC. It is a real honor to work hand-in-hand with these two incredibly reputable and well-respected organizations. We strongly believe that the underlying high-quality fund assets will show robust performance even in a difficult economic environment. This superbly reflects MCP’s DNA of creating attractive risk-return profiles for its investors across investment cycles. This transaction is a testament to Montana Capital Partners’ unwavering focus on customizing liquidity solutions for LPs and GPs, our team’s determination and ability to find exceptional solutions off the beaten path, and our partnership approach with first-class institutions in Europe, Asia, and the US.”