China Life Insurance Co. (02628.HK, 601628.CN) will invest US$250 million in TPG Capital to take some stake in the private-equity firm, Financial Times reported on Wednesday
While the exact size of the stake that China Life is buying is not known, some reports have suggested that it could be between 2 and 5 percent.
China Life’s president Wang Feng said in November last year that the group plans to expand overseas investment during 2014. Last month, China’s insurance regulator approved an application from China Life to use proprietary funds for overseas investment, FT said.
The investment in TPG comes as the US private-equity firm prepares to raise another buyout fund of roughly US$10 billion to pursue corporate takeovers, Wall Street Journal noted.
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