In September last year, the China Insurance Regulatory Commission issued a notice, clarifying that private equity funds can be set up for insurance funds, and the investment direction should be in industries and fields supported by the state. Including but not limited to major infrastructure, shantytown renovation, new urbanization and other livelihood projects and major national projects; Science and technology enterprises, small and micro enterprises, strategic emerging industries, key state-supported enterprises or industries; Old-age care services, health care services, security services, internet financial services and other industries or formats that meet the extension direction of the insurance industry chain.

Insurance funds set up private equity funds to implement the registration system in order to improve market efficiency. If the investment business of private equity funds established by insurance funds involves related party transactions, it shall be approved by more than two-thirds of the voting rights of non-related parties in the decision-making body, and the investment advisory Committee shall have no objection before implementation, and the investment scale shall not exceed 5% of the fund raising scale.

but I haven't heard about overseas investment.

Further reading: How to buy insurance, which is better, and teach you how to avoid these "pits" of insurance.