(Hong Kong, Shanghai, 25 February 2021) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEX: 2318; SSE: 601318) is pleased to announce that its main offshore investment and asset management platform, China Ping An Insurance Overseas (Holdings) Limited (PAOH), has closed the Ping An Global Mezzanine Fund.
The Ping An Global Mezzanine Fund raised USD307 million from clients’ commitments and a credit facility provided by Goldman Sachs. Ping An Overseas Holdings is also an investor in the fund.
The Mezzanine Fund's investments will focus on private corporate debts such as mezzanine and unitranche loans in overseas markets. It provides its limited partners the opportunity to invest alongside Ping An in a strong institutional asset class. The fund’s investment strategy builds on Ping An’s more than 10 years of successful private debt investment in China and overseas.
Mr. Hoi Tung, Chairman & CEO of Ping An Overseas Holdings, said: “Despite the uncertainties in current global economic outlook, the closing of our new Mezzanine Fund is one more example of how PAOH strives to offer investment opportunities with compelling risk-adjusted returns to our investment partners. We are proud and grateful to our investors for their continuing trust in our Mezzanine Fund and we look forward to launching more products and services that meet global institutional investor demands.”
Mr. Bruce Pan, Managing Director and Head of Private Debt at Ping An Overseas Holdings, said: “The Mezzanine Fund provides investors with an investment opportunity in an asset class that is otherwise only accessible to large institutions. The interests of investors and Ping An are aligned as Ping An is also a significant investor in the Mezzanine Fund. By working with top tier private credit investment managers around the globe, we will find attractive opportunities to invest in companies that have strong cash flow and identified growth paths. The Mezzanine Fund aims to achieve solid returns and stable cash coupons for its investors.”