Taiwan’s Cathay Life Insurance commits $240m to four US buyout funds

Taipei City, Taiwan. Photo by Tom Ritson on Unsplash

Cathay Life Insurance, the insurance subsidiary of Taiwanese conglomerate Cathay Financial Holdings, has agreed to commit a total of $240 million to four private equity funds this month, according to stock exchange filings.

The Taiwanese insurer has committed $80 million to Insight Partners XII, $60 million to Thomas H Lee Equity Fund IX, $50 million to Hellman & Friedman Capital Partners X, and $50 million to Coatue Growth V Offshore Feeder Fund.

New York-based PE investor Insight Partners is reportedly seeking $12 billion for its latest flagship fund, Insight Partners XII. The fundraise comes less than a year after its Fund XI raised $9.5 billion, with Cathay Life investing $50 million.

Insight Partners invests between $10 million and $350 million in tech companies. Its deals span the gamut from venture rounds to buyouts.

On the other hand, Hellman & Friedman, a San Francisco-based PE firm, targets $20 billion for Capital Partners X, which will likely continue to make large-scale equity investments in companies in select sectors. In 2018, the firm raised $16 billion for Capital Partners IX.

Cathay Life Insurance also committed to chip in $60 million to Thomas H Lee Equity Fund IX, the ninth flagship fund of mid-market growth PE firm Thomas H. Lee Partners.

The firm is seeking $4.25 billion for the latest fund that has already received a $100 million commitment from the Teachers’ Retirement System of Louisiana. It invests in middle-market growth firms exclusively within the financial services, healthcare, and technology & business solutions industries.

Another $50 million was also committed to Coatue Growth V Offshore Feeder Fund, the latest parallel fund of global technology-focused PE firm Coatue Management LLC.

Coatue invests in both the public and private markets with a focus on technology, media, and telecommunications, as well as the consumer and healthcare sectors. In November 2020, Coatue announced raising $2.33 billion for Coatue Growth Fund IV from at least 272 investors.

Established in 1962 with subsidiaries in Mainland China and Vietnam, Cathay Life Insurance has previously pledged commitments to funds such as TPG’s growth-equity and mid-market buyout vehicle TPG Growth V, the fourth Asia-focused buyout fund of PE giant KKR & Co, the sixth flagship buyout fund of PE firm Silver Lake Partners, and CVC Capital Partners’s CVC Capital Partners VIII.

Early this month, it approved a commitment of $60 million to Genstar Capital Partners X, a mid-market fund managed by San Francisco-based buyout firm Genstar Capital.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.