China’s largest insurer, Ping An Insurance Group, is reportedly looking to scale back its exposure to software-focused private equity by selling stakes in several funds, according to sources familiar with the matter.
The group has appointed Campbell Lutyens to manage the sale of fund interests worth approximately US$1 billion. The process is understood to have begun in March.
Most of the assets being divested are linked to two software-focused funds managed by Vista Equity Partners, established in the late 2010s and primarily invested in North America. The portfolio also includes a North America-focused fund managed by KKR & Co.
The move comes amid shifting sentiment in the private markets, where some private credit funds have reduced lending to software companies, while several planned exits by private equity firms in the sector have faced delays.
Over the past 15 years, private market investors have channelled significant capital into software businesses, attracted by the high-growth potential and recurring revenue nature of software-as-a-service (SaaS) models. In recent years, software and technology services have accounted for roughly half of all private equity deal activity, making it one of the most heavily concentrated sectors.
Ping An had previously tapped the secondary market in 2024 through its overseas arm, offloading certain fund stakes while retaining asset management responsibilities. The current transaction is said to follow a similar structure, allowing the insurer to unlock liquidity while continuing to grow its asset management business.
Parties involved, including Vista, KKR, Campbell Lutyens and Ping An Insurance Overseas (Holdings), declined to comment on the matter.
China’s insurers are subject to regulatory limits on offshore investments, including quotas under schemes such as the Qualified Domestic Institutional Investor (QDII) programme.
