Beijing-based Taikang Life Insurance has set up a 2-billion-yuan ($298.5 million) new fund to invest in the green energy industry in China.

The fund, whose Chinese name can be translated into “Taikang Qianzhen New Energy Fund”, counts Taikang Life Insurance as its anchor limited partner (LP).

With a total fund size of 2 billion yuan, the vehicle also raised 100 million yuan from Lufeng Investment, a subsidiary of lithium-ion battery materials and process equipment maker Shanghai Putailai New Energy Technology. Lufeng serves as a special LP of the fund, its Shanghai-listed parent firm Putailai disclosed in a stock exchange filing.

Beijing Taikang Investment Management, a private equity (PE) platform affiliated with Taikang Life Insurance, committed another 100 million yuan as the general partner (GP).

The fund plans to make equity investments as well as convertible bond investments in China’s new energy industry, according to the stock exchange filing.

Taikang Life Insurance operates as part of China’s Taikang Insurance Group, one of the country’s largest insurance and financial services companies with businesses covering insurance, asset management, health, and elderly care.

The group booked over 2,700 billion yuan ($403 billion) in total assets under management (AUM) and annual revenues of more than 260 billion yuan ($38.8 billion) in 2021. Its services have covered 420 million individual clients and over 420,000 corporates as of the end of 2021, shows its official website.

In December 2022, China Life Insurance set up a 10-billion-yuan ($1.5 billion) fund to focus on wind power, photovoltaics (PV), and other clean energy projects led by China’s state-owned rolling stock manufacturer CRRC Group.

It marks the insurance firm’s attempt in helping the country build a more eco-friendly and more intelligent manufacturing industry, said China Life Insurance in an official statement at the time.