Ping An Insurance Group Company of China has set up a $600m fund with Blumberg Partners to invest in US real estate, according to Reuters.
The portfolio will consist of logistics assets across the US, and the two firms said they plan to invest a further $400m.
Ping An is China's second largest insurer. Blumberg Partners is headquartered in Coral Gables, Florida.
Ping An has already made some high-profile forays into European real estate. In January 2015 it bought the Tower Place office block in the City of London for £327m ($482m) and in 2013 it agreed the purchase of the Lloyd's of London building for £260m (IAR, 6 May 2015, Asian insurers step up European real estate investments).
Earlier this week, Shenzhen-based Ping An said third-quarter profit rose 32%, as higher premium income and banking revenue helped offset the impact of China's stock market plunge on investment returns. The benchmark Shanghai composite index dived almost 30% in the three months to 30 September.
Investment income rose 12% to 22.4bn yuan ($3.55bn), Ping An said. Fair-value losses from investments jumped almost 50 times to 435m yuan, while impairments climbed 53%, according to Bloomberg.