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RRJ Capital ups stake in ING Groep’s US insurance unit through $248m share buy

25 Oct 2013

dollar large_sqAsian private equity firm RRJ Capital has reportedly invested a further $248m in the US insurance unit of ING Groep.

The firm parted with $78m for a stake in the business in May through an IPO, shortly after holding a final close on its $3.5bn Capital Master Fund II.

That stake was bought at $19.50 per share according to Reuters, which said RRJ paid $29.50 as part of the latest investment to bring its stake to 4.4 per cent.

It cited a person with direct knowledge of the matter.

RRJ, which is led by Ong brothers Richard and Charles, easily beat the $2.3bn it gathered for its debut fund through the most recent fundraise, but fell short of its original $5bn target.

KKR has since raised Asia’s biggest-ever buyout fund by gathering $6bn of commitments for its second vehicle dedicated to the region.

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