Primerica, which distributes mutual fund and life insurance products, will receive a $230 million investment from private equity firm Warburg Pincus, the Wall Street Journal reports.

Word of Warburg's planned investment comes four months after Citigroup announced it will spin off Primerica through an IPO.

Warburg will have a 23 percent stake in Primerica, and it also has the option to put in $100 million at the IPO price. Such a move could grow Warburg's stake to more than 30 percent.

Primerica markets products from American Funds, Invesco Aim, Franklin Templeton Investments, Legg Mason, Pioneer Investments and Van Kampen Investments. 

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