The insurance group has closed its Ping An Capital subsidiary's second consumer-focused fund, the vehicle having committed more than half its capital already.
Ping An Capital, a corporate venturing subsidiary of China-based insurance group Ping An, has raised more than RMB5.5bn ($786m) for a consumer technology fund, DealStreetAsia reported today.
The vehicle’s limited partners include another insurance firm, PKU Founder Life, as well as financial services firm Industrial and Commercial Bank of China, China Everbright’s CEL Fund-of-Fund, Peking University Education Foundation and China International Capital Corp’s CICC Capital unit.
Ping An Capital operates as Ping An’s primary equity investment vehicle, backing both private and publicly-listed companies in the consumer, healthcare, modern services, energy and environment, and advanced manufacturing sectors.
The unit closed its first fund in 2016 and its portfolio companies include ride hailing service Grab, which is targeting a $6.5bn close for its next round, and healthcare services provider Fullerton Healthcare.
The second fund has invested approximately $457m since it was formed in June 2018, allocating the capital to seven different companies according to a statement cited by DealStreetAsia.
Ping An also oversees another corporate venture capital unit, Ping An Ventures, which was launched in 2012 and which makes early and growth-stage investments in venture-backed companies out of a RMB1bn fund.
