One of the world's biggest investment firms - New York Stock Exchange-listed Blackstone Group - has snapped up a stake in Kiwi life insurance company Partners Life.
Blackstone's Tactical Opportunities fund is to invest $200 million in the privately owned insurer which was launched in 2011.
The investment is Blackstone's latest move in New Zealand after its senior managing director Kishore Moorjani visited here in February.
Back then it announced the purchase of five retirement villages in Auckland and Mount Maunganui and Moorjani told the Herald it was planning more investments here.
"We're very keen to put additional capital to work," he said at the time.