Ping An Insurance Group Company of China’s overseas direct investments and asset management arm has raised $758m (€671m) for its global infrastructure funds at close.
China Ping An Insurance Overseas Holdings (PAOH) said the Ping An Global Infrastructure Funds has private investment manager Ardian as an anchor investor.
The funds were partially seeded by Ping An with fund investments and co-investments. Ping An is a limited partner in the funds and has committed to invest alongside the funds’ investors in new primary investments.
PAOH said the funds’ investments will be focused on telecommunication, transportation, midstream, power, utilities and other infrastructure assets.
They provide third-party investors the opportunity to invest alongside Ping An in fund investments and co-investments in the infrastructure sector in primarily OECD countries, PAOH said.
Hoi Tung, chairman and CEO of China Ping An Insurance Overseas Holdings, said the fundraising marks the company’s first step in successfully turning its in-house investment capabilities into making a truly global asset management business.
“We are also very delighted to have Ardian, a world-leading alternative investment house, to anchor our funds.”
Jan P Schmitz, member of the executive board and head of Ardian Asia and head of Ardian Germany, said: “We see this as an opportunity for Ardian to partner with a highly experienced team with a great track record that we got to know well during the lengthy bilateral discussions that ultimately led to this transaction.
“This complex carve-out transaction is the perfect example of what we are able to offer to financial institutions in terms of portfolio and team structuring.”