Insurance giant Ping An Insurance (Group) Co is scouting for early-stage fintech and healthtech investments in the $10-30 million range using its latest $1-billion fund, the Wall Street Journal reported.
The new vehicle’s chief innovation officer Jonathan Larsen, who made the disclosure at the WSJ D.Live Asia 2017 conference in Hong Kong on Friday, said Ping An is also willing to consider joint ventures and distribution agreements with chosen startups.
A former Citigroup retail banking head, Larsen said the firm would prefer investing in people it could learn from, the WSJ added.
The $1-billion Global Voyager Fund is Ping An’s first overseas fund and is focused on fintech and healthcare. Ping An appointed Larsen last month to manage the new fund in Hong Kong.
Ping An is not new when it comes to backing startups in the fintech and healthcare-related space, having invested in such companies in the past years mostly in mainland China. Its main subsidiary Lufax reportedly remains China’s biggest peer-to-peer lending and wealth management platform.
A few weeks ago, the insurer’s wholly-owned Shanghai-based subsidiary Ping An Health Cloud raised $500 million in a funding round backed by undisclosed investors. It operates the mobile healthcare app Ping An Haoyisheng which enables users to consult with doctors through text, pictures and video. It also provides pharmaceutical online-to-offline service and runs an online store for healthcare products.