China Life Insurance Overseas plans to invest $250 million into US-headquartered TPG, part of the sector’s cautious push into overseas private equity, according to people familiar with the matter.
The Beijing-based insurer will make the investment into TPG’s general partnership, boosting the firm’s pot of permanent capital, the people said. China Life joins Singapore’s GIC and the Kuwait Investment Authority, which bought into TPG’s general partnership in 2011.
Private equity firms are keen to tap the huge pool of wealth accumulating at Chinese insurers as the country’s growing middle class looks to protect its lifestyle. State-owned China Life is one of...
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