China Life Insurance Co Ltd will buy a $250 million stake in private equity fund TPG Capital, a source with direct knowledge of the matter told Reuters on Wednesday.
China Life will be a general partner in TPG, and the deal comes as the private equity firm raises a new global fund worth around $10 billion, the source said, declining to be identified because the matter is not public.
TPG and China Life declined to comment.
The Wall Street Journal earlier reported the deal.
(Reporting By Stephen Aldred, additional reporting by Lawrence White, Editing by Denny Thomas and Stephen Coates)