Taiwanese insurer Fubon Life commits $65m to Tiger Global’s $3.75b venture fund

Photo: REUTERS/Beawiharta

Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial Holdings, is investing $65 million in the new $3.75 billion venture fund of New York-based Tiger Global Management.

In a disclosure, Fubon Financial said the insurance firm is taking a 1.73 per cent stake in Tiger Global Private Investment Partners XIV, the thirteenth venture fund of the US investing powerhouse.

The fund is the same size as the previous fund that Tiger Global closed a year ago and PIP XI, which also raised $3.75 billion when it closed in 2018. The New York-based investment firm reportedly is looking at closing the new fund in March.

Through its venture funds, Tiger Global backs technology startups operating in the consumer internet, cloud, and industry-specific software sectors. It also focuses on direct-to-consumer firms in China, India, and the US.

The firm is an early backer in Chinese e-commerce giant JD.com and in Indian education technology (edtech) startup Unacademy, which turned into a unicorn in 2020.

Its other bets in India include finch firm Razorpay, credit card platform Cred, and fantasy sports unicorn Dream 11.

The commitment is the third announced investment for Fubon Life Insurance so far this year. In January, the firm said it is investing $65 million in London-based Coller International Partners VIII and another $20 million in Hamilton Lane Secondary V.

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.

Headquartered in Taipei, the insurance firm manages assets worth NT$4.17 trillion ($148 billion). The parent company reported a net profit of NT$23 billion ($767 million) with an 84 per cent growth year-on-year in the first quarter of 2020, mainly driven by investment income growth in Fubon Life.

In June 2020, the insurer committed to investing $50 million in KKR Asian Fund IV, the fourth Asia-focused buyout fund of private equity giant KKR & Co. It also proposed an aggregate of $203 million in three private equity funds – KKR Asia Pacific Infrastructure Investors, CVC Capital Partners VIII, and Thoma Bravo Fund XIV-A.

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.