Taiping Financial Holdings, a subsidiary of China-based, state-backed insurance firm Taiping, is joining investment bank China International Capital Corporation’s CICC Capital unit to form a $1bn investment fund, DealStreetAsia reported today.
TP-CICC GBA Investment Master Fund will invest in companies located in China’s Bay Area, which encompasses 11 metropolitan centres including Guangzhou, Shenzhen and Hong Kong, according to a company statement cited by DealStreetAsia.
Areas in which the vehicle will invest include financial, healthcare, consumer and insurance technology providers as well as internet-focused startups.
Taiping has been a sporadic corporate venturing investor but its portfolio includes smart electric vehicle manufacturer Lixiang Automotive, sports event management platform Alisports and financial services platform JD Finance, which is also backed by CICC.
CICC has already formed partnerships with several homegrown corporates. It was one of the limited partners in a $786m technology fund launched by another insurer, Ping An, last month and formed a wealth management technology venture with internet group Tencent in September 2019.
