Chinese insurer Ping An is seeking to sell about $1 billion worth of fund portfolio through the secondaries market, according to media reports.
Bloomberg reported that Ping An has hired Campbell Lutyens to commence the sale of fund stakes to reduce its North America software exposure, including two software-focused funds by Vista Equity Partners and another by KKR.
Meanwhile, a Secondaries Investors report mentioned the portfolio comprised around $850 million fund stakes and $300 million in unfunded commitments.
The software sector, before being disrupted by AI, was the golden goose of the private equity industry, thanks to its sticky customer base, stable cashflow, and high margins.
However, fears of AI deteriorating SaaS business’s competitive moat have led to massive selloffs in public markets, which resulted in a pessimistic sentiment in private equity.
It has also flown down to private credit, which has provided significant technology loans. JP Morgan data as of January 2026 estimated 40% of private credit exposure was in technology, far ahead of healthcare—the second-largest sector—at 15%.
Meanwhile, in the secondaries market, Ping An is a regular name. in 2024, it launched a $850-million continuation vehicle led by AlpInvest Partners and Montana Capital Partners, following an earlier $750-million fund in 2021.
Ping An’s overseas investment portfolio was reported to be $60 billion. In total, its insurance funds investment portfolio grew 13.2% to 6.49 trillion yuan ($950 billion) by the end of 2025.
