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Economy

Ping An to raise $1.3 bln for healthcare deals

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2018-02-08 10:47Global Times/Agencies Editor: Li Yan ECNS App Download

The venture capital arm of China's largest insurer, Ping An, is targeting raising up to $1.3 billion in two healthcare-focused funds that will seek growth-stage and pre-IPO investments, said a person with direct knowledge of the matter.

Ping An Ventures, set up in 2012, focused on early-stage investments in its first few years. The new funds will deepen the group's push into the healthcare sector and build up its firepower for later-stage investments, at a time when valuations in the fast-growing tech and healthcare industries have spiked.

The venture capital firm aims to raise $300 million to $500 million in a dollar-denominated fund and 4 billion yuan ($640 million) to 5 billion yuan in a yuan fund, the person said. They would be Ping An Ventures' biggest dollar and yuan funds so far and would primarily invest in healthcare start-ups at home and overseas.

Ping An Ventures, whose investments include ride-hailing firm Didi Chuxing, has tapped prospective investors for the new funds.

  

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