Ping An Seeks to Sell $1 Billion Software-Focused PE Assets (1)

China’s biggest insurer Ping An Insurance Group is seeking to reduce software-focused private equity exposure by selling its stakes in some funds, according to people familiar with the matter.

The insurer has tapped Campbell Lutyens to offload stakes worth about $1 billion, the people said, asking not to be identified because the information is private. The sale process started in March, they added.

The majority of the portfolio consists of two software-focused funds managed by Vista Equity Partners from the late 2010s that invested primarily in North America, the people said. There’s also another North America-focused fund managed by KKR ...