Ping An Insurance Group

China's largest insurer is clearly rethinking its private equity strategy. Ping An Insurance Group is exploring the sale of roughly $1 billion in software-focused private equity assets — marking at least the sixth time it has initiated a secondaries process to reduce portfolio exposure. The move contrasts sharply with global software investment trends, where firms like Thoma Bravo manage $181 billion and Vista Equity oversees $100 billion in tech assets. For Ping An, which serves 230 million retail customers through integrated finance and recently closed a $300 million growth-stage fund, the repeated sales suggest disciplined capital reallocation toward its core insurance and healthcare strengths.