Ping An Ventures, the corporate venture capital vehicle for China-based insurance group Ping An, is looking to raise $1.3bn in capital, Reuters reported today, citing a person with direct knowledge of the matter.
The unit is seeking between $300m and $500m for a dollar-denominated fund, and between RMB4bn and RMB5bn ($640m to $800m) for a renminbi-denominated fund, both of which will invest at growth and pre-initial public offering stage.
Founded in 2012, Ping An Ventures participates in deals covering a relatively wide range of sectors, including science and technology, media, internet and mobility technology, consumer platforms, finance and healthcare.
Both funds will focus on healthcare. The unit’s portfolio includes biotherapeutics developer Rani Therapeutics and gene sequencing services provider Annoroad, and it has already backed rounds for kidney disease therapy developer KBP Biosciences and T cell treatment developer Tmunity Therapeutics this year.
Ping An Ventures expects to complete the fundraising process this year, the source said. Two other Ping An subsidiaries, online medical access portal Ping An Good Doctor and medical data services provider Ping An Healthcare Technology, are also set to go public in 2018.
The establishment of the funds will follow Ping An’s launch of a $1bn vehicle called Global Voyager Fund in May 2017 to invest in finance and healthcare technology.