In a filing with the Taiwan Stock Exchange, Fubon Financial said its insurance unit plans to invest in KKR’s flagship North America buyout fund – KKR North America Fund XIII SCSp – for an estimated 0.52% share.
Reuters reported earlier this month that KKR has raised $18.5 billion for its latest fund, with about $17 billion coming from investors, including sovereign wealth funds, family offices, and public and private pension funds, while an additional $1.5 billion came from KKR and its employees.
DealStreetAsia reported in April that the Washington State Investment Board committed $750 million to KKR North America Fund XIII.
KKR’s prior regional funds, the $13.9 billion KKR Americas XII and the $9 billion KKR North America Fund XI, had returned 1.42 times and 2.08 times their investors’ money, respectively.
The commitment will not be the first for Fubon Life Insurance in KKR. In June 2020, the insurance company committed $50 million to KKR Asian Fund IV, the fourth Asia-focused buyout fund of the PE major.
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.
Early this month, 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.