Ping An plans fintech & healthtech deals in $10-30m range from new $1b fund

Ping An's Shanghai headquarters. Photo: Ping An website

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.

Also Read:

China: Ping An set to launch maiden overseas fintech and healthcare fund of $1b

Chinese insurance giant Ping An’s healthcare app business raises $500m

China: Peer-to-peer lender Lufax says IPO will help fund local, overseas expansion

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.