Dechert Advises Ping An on Closure of World’s Largest Private Credit Secondaries Transaction
Global law firm Dechert has advised Ping An Overseas Holdings and its subsidiaries (“Ping An”), the main offshore investment and asset management platform of Ping An Insurance (Group) Company of China, Ltd., on closing the world’s largest private credit secondaries transaction for a credit portfolio together with Coller Capital.
The transaction was completed on 30 July 2021 at a total value of US$680 million. London-headquartered Coller Capital, alongside co-investment vehicles, invested US$580 million in the deal, while an Asian institution invested US$100 million.
Following the closure of the transaction, Ping An will continue to manage the portfolio, which comprises four flagship credit funds managed by blue-chip North American and European managers. It is highly diversified, covering 400 positions in over 250 companies and spreading across a range of industries, such as professional services, healthcare and telecommunications.
Michael Wong, Dechert’s Hong Kong-based partner who led the deal, commented, “We are pleased to have supported Ping An on the successful closure of this landmark transaction. The deal provides another example of our strong capability in closing large-scale private debt secondaries transactions for our clients and as a leading financial services practice here in Hong Kong and across Asia.”
The Dechert team advising on this transaction included partner Michael Wong and associates Mack Wan and Gilbert Cheng in Hong Kong, as well as partner Giles Belsey in the London office.
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 Awards 2020. No other law firm has been named winner more times in the contest’s eight-year history. The firm was also shortlisted in Asia-Pacific in the Secondaries category for closing the largest ever secondaries transaction globally in 2020 in Private Equity International’s PEI Awards 2020.
Dechert is a leading global law firm with 22 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.