Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial Holdings, has committed to invest $65 million in the latest growth fund of technology-focused private equity firm Coatue Management.
In a filing with the Taiwan Stock Exchange, Fubon Financial said its insurance unit plans to invest in Coatue Growth V Offshore Feeder Fund for an estimated 1.86% share.
The fund is a parallel investment vehicle for Coatue Growth Fund V, which registered with the US Securities and Exchange Commission in March this year. Coatue’s SEC filings for the growth fund and the parallel fund did not disclose a target for either.
Coatue Growth V Offshore Feeder Fund had previously received a $50 million commitment from Cathay Life Insurance, the insurance subsidiary of another Taiwanese conglomerate, Cathay Financial Holdings.
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.
Fubon Life Insurance, which offers life protection, savings, annuity, accident, and health insurance products to customers, is the second-largest insurer in Taiwan based on total premiums, after Cathay Life Insurance.
Fubon Life was founded in 1993 as a wholly-owned subsidiary of Fubon Financial to provide life protection, savings, annuity, accident, and health insurance products to customers.
The company has announced multiple investment commitments this year. DealStreetAsia reported last month that Fubon Life Insurance has committed to invest $65 million in KKR’s flagship North America buyout fund – KKR North America Fund XIII SCSp – for an estimated 0.52% share.
Prior to that, the insurer committed $65 million to the ninth flagship fund of Boston-based PE firm Thomas H. Lee Partners. In February, it also committed $65 million to the new venture fund of New York-based Tiger Global Management.
It also disclosed a $65 million commitment to London-based Collier International Partners VIII and another $20 million to Hamilton Lane Secondary V in January.