KKR & Co LP and three other private equity firms will invest in a subsidiary of the State-owned Cofco Group as they seek to cash in on the development of large-scale hog farms in China.

KKR and Baring Private Equity Asia, Hopu Investment Management Co and Boyu Capital Advisory Co Ltd are investing as a consortium in Cofco Meat, according to a joint statement issued on Friday.

Terms of the transaction were not disclosed. But a source with knowledge of the matter told China Daily that the investment amount will be in the "hundreds of millions of dollars".