Ping An Ventures to raise up to US$1.3b for healthcare investments

Hong Kong

THE venture capital arm of China's largest insurer, Ping An, is targeting to raise up to US$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.