BEIJING - High-profile dealmaker and former Goldman Sachs top Asian executive Fred Hu has decided to launch a $10 billion private equity (PE) fund after exiting from the race for a senior position in the nation's central bank, sources familiar with the matter said on Thursday.

Hu is now courting investments for his China-dedicated fund called Chunhua. A number of institutional investors, including the Ping An Group, are keen on investing in the fund, a source told China Daily on condition of anonymity.

Ping An Group, the nation's second largest insurer, may invest $5 billion in the fund, the source said, adding that the two sides are yet to finalize the deal.