State Street has been appointed by Ping An Overseas Holdings (PAOH) to provide a variety of servicing solutions to its newly launched private equity funds.
This expands State Street’s current relationship with PAOH as the custodian and fund administrator of the Ping An Global Infrastructure Funds.
Under the new mandate, State Street will provide custody and fund administration services to the Ping An Global Equity Selection Fund and the Ping An Global Equity Fund.
The two Cayman Islands-domiciled funds have received capital commitments from a group of global investors. The Ping An Global Selection Fund operates a fund of funds programme that invests into a portfolio of buyout managers in North America and Europe.
PAOH explained that Ping An Global Equity Fund is set up to capture the co-investment opportunities sourced from PAOH’s network of global general partner relationships.
The funds represent PAOH’s first dedicated investment programme focusing on overseas private equity investing.
“State Street is delighted to expand our relationship with PAOH and to support its growth strategy to diversify its investment offerings into the private equity space,” said Aisling Keane, head of the alternatives segment, Asia Pacific at State Street.
Keane continued: “This latest appointment cements our collaboration with PAOH which began earlier this year when they appointed us as the custodian and fund administrator for their three infrastructure funds, which were successfully transitioned over in Q1 2020.”
Nicholas Ng, managing director of PAOH, added: “State Street is one of the largest fund administrators for alternative investment funds globally. With them taking care of the day-to-day administrative operations of our funds, we are able to concentrate on our core competencies of offering compelling investment opportunities to our investing partners.”
