The Carlyle Group plans to invest US$400 million in China Pacific Life Insurance Co with an undecided partner according to US media reports. The Washington-based private equity firm with US$18 billion in investments worldwide is negotiating the deal with ING Group, the largest Netherlands financial firm and Prudential Financial, the third-biggest US insurer. The two firms plan to acquire a 24.9% stake in Pacific Life if granted special permission from the China's insurance regulator which normally only allows foreign firms to hold a 10% stake in Chinese insurance firms. Goldman Sachs is advising on the deal.