China Life Sets up the Largest Healthcare Private Equity Fund in China

China Life, the largest state-owned insurance conglomerate in China, recently announced the establishment of China Life Chengda Healthcare Investment Fund (“The Fund”), the largest healthcare private equity fund in China. China Life Insurance (Group) Company, along with its life assurance and P&C insurance subsidiaries, has committed RMB 12 billion to the Fund. This is also the first officially approved fund by insurance regulator CIRC after the launch of the new private equity regulation last year, which allows insurance companies to set up its own private equity funds. This move marks the beginning of China Life’s new healthcare strategy.

The Fund was founded by China Life Private Equity Investment Company Ltd, China Life’s specialized private equity investment arm. The Fund has announced that it has signed definitive agreements to invest in Innovent Biologics, a leading biotech company in China; and in Dareway, a leading information technology company focusing on social security system and government medical insurance.