Fubon Life commits $65m to KKR’s North America buyout fund

REUTERS/Brendan McDermid

Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial Holdings, has committed to invest $65 million in the latest fund of global private equity giant KKR & Co.

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.

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.