Taiwan’s Cathay Life Insurance commits $50m to US buyout firm Clayton

Visual from Taipei 101 website

Taiwanese conglomerate Cathay Financial Holdings’ insurance unit, Cathay Life Insurance, has agreed to commit $50 million to US-based Clayton, Dubilier & Rice’s (CD&R) latest buyout fund, according to filings with the stock exchange of Taiwan.

Aside from CD&R, Fund XI’s limited partners (LPs) include private investors, venture capital firms, and other investment vehicles. The California Public Employees’ Retirement System has committed $500 million to the fund, while the South Carolina Retirement System Investment Commission has pledged $75 million.

The fund had raised a total corpus of $12 billion as of September 2020, the Wall Street Journal had reported at the time.

Fund XI, which was launched following Clayton’s $10 billion tenth flagship fund in 2017, has bet big across North America and Europe.

Established in 1978, CD&R has been active in global investments in areas of consumer and retail, healthcare, industrials, and services. Some of its prominent portfolio companies include global chemical and ingredients distributor Univar Solutions, engineered surfaces player Wilsonart,  pet healthcare products provider Radio Systems Corporation, and drugmaker Huntsworth, among others. 

Cathay Life is one of the largest life insurance players in Taiwan. It offers a full range of insurance solutions that comprise life, health, travel, accidents and annuity, among others. The insurer, which has subsidiaries in China and Vietnam, has so far served nearly 8 million users.

Prior to the latest commitment, Cathay Life Insurance invested $60 million in San Francisco-based TPG’s growth-equity and mid-market buyout arm TPG Growth V LP in July 2020. 

In addition, the insurer had seeded three more funds in May last year. It had agreed to commit $50 million to the fourth Asia-focused buyout fund of PE giant KKR & Co, another $100 million to the sixth flagship buyout fund of PE firm Silver Lake Partners, and $85 million euros ($92 million) to CVC Capital Partners’s CVC Capital Partners VIII fund.

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.