China Life is set to inject $250m into TPG, in one of the first Chinese investments in the buyout industry since CIC took a $3bn stake in US private equity group Blackstone in 2007 – and suffered bruising initial losses.
State-backed China Life is the world’s third-largest life insurer by total assets, according to S&P Capital IQ – but, industry-wide, only about 4 per cent of Chinese insurers’ assets are currently invested overseas.
While the size of the stake that China Life will take in TPG is yet to be confirmed, some reports have suggested the insurer will hold between 2 and 5 per cent of the buyout group – a range that values TPG at $5bn to $12.5bn.
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