China-based insurance group Ping An launched a $1bn fund yesterday called Ping An Global Voyager Fund to invest in financial and healthcare technology startups.
The $1bn figure represents Global Voyager Fund’s initial size, and Ping An, which has a customer base of more than 138 million, said in a statement it intends to become an “internationally leading technology investment pioneer”.
Jonathan Larsen, Ping An’s newly appointed chief innovation officer, will head the fund as chairman and CEO. His overall brief involves finding new platforms, technologies and business models for the firm as well as possible platforms that will fuel global growth.
The fund is Ping An’s second dedicated corporate venturing unit, following the establishment of its Ping An Ventures subsidiary in 2012, and the company has been an active venture capital investor.
Companies to have received funding from Ping An include US-based online insurance platform Oscar, female-focused social media company Mogujie and local services platform 58 Daojia.
Larsen said: “Ping An is the most innovative financial group in China, and a leader in China’s fintech and healthtech sectors. I look forward to helping Ping An access global innovations in finance and technology and build a global presence in fintech and healthtech.
“I feel privileged to be a member of Ping An’s leadership team and part of this unique organisation.”