HONG KONG, Oct. 18, 2024 /PRNewswire/ — China Ping An Insurance coverage Abroad (Holdings) Restricted, the primary offshore funding and asset administration platform of Ping An Insurance coverage (Group) Firm of China, Ltd. (2318.HK, 601318.SH), along with its subsidiaries (“PAOH” or “Ping An”), declares the profitable closing of its third classic of personal fairness fund program (the “Fund”).
The Fund is a continuation of PAOH’s devoted funding program specializing in the abroad personal fairness market. It contains a well-diversified portfolio of top-tier buyout and progress managers in North America and Europe which was invested by Ping An and was transferred to the Fund as a secondary transaction. The Fund additionally features a mandate that can put money into co-investment alternatives sourced from Ping An’s intensive community of world GP relationships.
The Fund acquired a complete capital dedication of USD 850 million from a gaggle of world buyers, led by AlpInvest Companions (“AlpInvest“) and Montana Capital Companions (“mcp”). GIC, which beforehand anchored a predecessor personal fairness fund managed by PAOH with mcp, has participated within the Fund as nicely. PAOH and different buyers are additionally restricted companions within the Fund.
Hoi Tung, Chairman and CEO of PAOH, commented: “We are delighted to see the successful closing of our third fund vintage. 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. This is a great vote of confidence and recognition in our investment capability, track record and operational governance. We look forward to capturing more compelling investment opportunities in the global market for our prestigious partners.”
Dr. Christoph Jäckel, Managing Accomplice of mcp, stated: “We are honored to deepen our long-standing relationship with Ping An by structuring another customized and complex carve-out transaction. This secondary investment opportunity is a great showcase for mcp’s ability to add value for our investors by providing exposure to high-quality private equity assets in unique ways through direct negotiations.”
Choo Yong Cheen, Chief Funding Officer of Non-public Fairness at GIC, famous: “GIC is pleased to extend our relationship with Ping An, along with AlpInvest and Montana Capital, through another secondary transaction following the success of our prior commitment. Ping An has continued to invest with well-regarded managers, creating another compelling opportunity for GIC.”
Wendy Zhu, Managing Director at AlpInvest Companions stated, “We are excited to partner with PAOH in identifying and building out a high quality global private equity portfolio managed by our selected global private equity managers. We look forward to the collaboration between our firms and to support PAOH in building an industry-leading asset management franchise.”
