Ping An on the world’s largest private credit secondaries transaction
Dechert advises on innovative financing in Hong Kong.
Dechert closed the world’s largest-ever private credit secondaries transaction (US$680 million) for a diversified private credit portfolio, acting for Ping An Overseas Holdings, a subsidiary of Ping An Insurance Group – the sixth- largest public company in the world and China’s largest insurer. The portfolio comprises four flagship credit funds managed by U.S. and European managers. It is highly diversified, covering 400 positions in over 250 companies and spread across a range of industries, including professional services, healthcare and telecoms.
“Investors are finding attractive opportunities despite market turbulence, and large-scale
Awards 2020, awarded in 2021. No other law firm has been named winner more times in the contest’s eight-year history Asia and globally, Dechert has the resources to close transactions whatever the size or complexity.” Michael Wong Partner “ As a premier financial services practice across
transactions in Asia continue if the deal looks right,” says Hong Kong partner Michael Wong. “In this case, Ping An needed a firm with experience in large-scale private credit deals and knowledge of the Asia markets, and Dechert is an acknowledged leader in complex global private credit matters.” Dechert has been recognized as a top-ranked law firm globally in Private Debt Investor ’s Hall of Fame after winning its sixth “Law Firm of the Year” title in the publication’s PDI
Venture debt business launches maiden fund
Dechert advises Genesis Alternative Ventures, Southeast Asia’s first independent debt venture business.
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structural, operational, marketing, investor negotiations and other constituent elements of the fund. We also advised Genesis on ESG considerations, taking advantage of the depth of experience our global platform brings to this emerging movement.” The team also led negotiations with financial institutions seeking to enter co-investment agreements, which resulted in a strategic alliance with CIMB Niaga, one of the largest private national banks in Indonesia. Successful final close was reached in February 2021, with commitments exceeding target fund size.
“Venture capital-backed companies in Southeast Asia have experienced exponential growth in recent years but there has been very little opportunity for these businesses to obtain debt financing to support their future growth given a lack of assets to be used as collateral,” says partner Dean Collins. “So Genesis’s first fund was a great opportunity to plug this gap and help the continued development of the technology industry in the region.” The result was Genesis Alternative Ventures I: Singapore’s first venture debt fund. “Dechert steered the entirety of the fund formation process,” explains Collins, “including the
Our work with Genesis allowed us to synthesize our experience in establishing both credit funds
and venture capital funds to create the template and set the standards for what promises to be a significant market.” Dean Collins Partner
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