Ping An Insurance launches first overseas fund worth US$1b
HONG KONG: Ping An Insurance Group Co of China Ltd, the country’s largest insurer by market value, is launching its first overseas fund to primarily invest in financial and healthcare technology worldwide, underscoring its push beyond its home market.
The initial size of the so-called Ping An Global Voyager Fund would be US$1 billion (RM4.32 billion), said the insurer in a statement yesterday.
It will be managed from here and led by Jonathan Larsen, an 18-year stalwart of Citigroup who joined Ping An as its chief innovation officer.
Ping An’s overseas ambitions mirror those of other Chinese firms, including Anbang Insurance Group and Fosun International Ltd, which are spending billions on overseas acquisitions in a bid to reduce their dependence on the slowing Chinese economy and weakening yuan currency.
The financial group plans to fully invest the Global Voyager Fund in the next three to four years with a focus on early-stage start-ups. Reuters