Viking Cruises has announced a combined minority investment of $500 million by TPG Capital and Canada Pension Plan Investment Board (CPPIB) for a combined stake of 17 percent in MISA Investments Limited (the parent company of Viking).

The announcement was made, quietly, earlier this week.

A prepared statement also mentioned expansion into China, but did not go into specifics.

“Our investment in Viking is an attractive opportunity to invest in a market-leading business with an impressive track record, and substantial room for expansion. Viking’s business is exposed to a number of long-term growth drivers that our Thematic Investing group looks for, and believes will deliver strong risk-adjusted returns for the Fund,” said Pierre Lavallée, Senior Managing Director & Global Head of Investment Partnerships, CPPIB. “We look forward to partnering with Viking’s management and TPG to position the business for further growth.”

“Having been a long-time investor in the cruise industry, we see Viking as a market innovator that has reimagined how people explore the world, with an iconic brand and strong product offering that has significant growth potential,” said Paul Hackwell, Principal at TPG. “Together with CPPIB, as the company’s first institutional equity investors, we look forward to partnering with Tor and the Viking management team to expand the business, both in products offered and regions served.”

Subject to regulatory approvals the transaction is expected to close in the fourth quarter of 2016.

Credit Suisse acted as exclusive placement agent to MISA Investments in connection with the transaction.