China Ping An Insurance Overseas (Holdings) Ltd., together with its subsidiaries, the main overseas platform for direct investments and asset management of Ping An Insurance (Group) Company of China, has announced the closing of approximately $758 million in capital commitments to its Ping An Global Infrastructure Funds.
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. The funds’ investment strategy builds on Ping An’s more than 10-year track record of successful infrastructure investment in China and overseas.
Ardian anchored the funds. 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.
“The funds will leverage on Ping An’s strong relationships with leading infrastructure asset management groups in which we are significant limited partners, and we will find attractive opportunities to achieve long-term capital appreciation and strong cash dividend yields for the funds’ investors,” said Dennis Chan, head of infrastructure and managing director, China Ping An Insurance Overseas (Holdings) Ltd.
Ardian is a private investment house with $90 billion of assets managed or advised that has particular strengths in fund of funds, direct funds and infrastructure.
Jan Schmitz, member of the executive board, 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.”
