Warburg Pincus Asia, Brookfield funds secure $130m from China Life Insurance

Taipei City, Taiwan. Photo by Tom Ritson on Unsplash

Taiwan-based life insurance firm China Life Insurance Company has approved a combined capital commitment of $130 million to funds managed by private equity major Warburg Pincus and Canadian alternative asset manager Brookfield Asset Management.

The Taiwanese insurer committed $30 million to Warburg Pincus Real Estate LP, the latest Asia real estate fund of the global PE firm, according to a filing with the Taiwan Stock Exchange.

China Life disclosed that the investment size would account for about 2% of the total fund size.

In March, Warburg Pincus filed with the US Securities and Exchange Commission to raise a $1.5-billion fund with a dedicated focus on Asia’s burgeoning real estate market.

The filing comes nearly two years after the firm raised $4.25 billion for Warburg Pincus China-Southeast Asia II LP, its first vehicle with a dedicated focus on Southeast Asia, a market it has been actively investing in for some time.

Warburg Pincus has been one of the most active investors in Asia Pacific’s real estate space. It has invested approximately $6 billion across 35 real estate ventures and platforms, including some it co-founded alongside its portfolio companies such as Hong Kong-based logistics real estate major ESR Cayman, Vietnam’s Vincom Retail, Singapore-based Princeton Digital Group (PDG), and Shanghai-headquartered New Ease.

The firm entered Asia in 1994 and has since invested over $17 billion in more than 170 companies in China, India, and Southeast Asia. Globally, the firm has invested more than $89 billion in 920 companies.

Separately, China Life, which primarily provides traditional life, healthcare, disability, pension, travel, and group insurance products, disclosed that its investment management committee has approved a capital commitment of $100 million to Brookfield Super-Core Infrastructure Partners LP.

The fund focuses on “super-core” sustainable, long-life infrastructure across both public and private markets. The open-ended structure of the fund, which allows Brookfield to hold assets for an undesignated amount of time, suggests that the vehicle is offering investors long-term yield.

A filing by Brookfield with the US SEC in August 2020 showed that the fund had raised $2.6 billion from 50 investors.

China Life Insurance was founded in April 1963 and listed on the Taiwan Stock Exchange in 1995. Aside from providing life insurance products, it also delivers overseas first aid, hospital discounts, cancer consulting, policy loans, and other value-added services, apart from its involvement in securities investment, real estate investment, foreign investment, and loan businesses.

The firm had focused on the Taiwan market until it expanded its footprint into mainland China upon the acquisition of a 19.9% stake in CCB Life, the insurance affiliate of China Construction Bank (CCB), in 2010.

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.