Ping An to launch private equity fund

Published: 16 Mar 2009 18:21:21 PST

SHANGHAI, March 17 (Reuters) - Ping An Insurance (Group) Co of China <601318.SS> <2318.HK> plans to launch a private equity arm this year with initial capital of 20 billion yuan ($2.93 billion), two sources with direct knowledge of the plan said on Tuesday.

The fund, to be called Ping An Capital, will focus on direct equity investments in non-listed companies, as well as investments in corporate bonds, infrastructure projects such as bridges and ports, and real estate projects, the sources said.

It is now applying for regulatory approvals which are expected to be granted soon, they added.

The sources asked not to be named because they were not authorised to talk to the media. ($1=6.838 Yuan) (Reporting by George Chen and Helen Ding; Writing by Edmund Klamann; Editing by Jacqueline Wong)