Taiwan’s China Life Insurance commits $30m to Ardian’s seventh buyout fund

The urban landscape of Taipei, with the Taipei 101 skyscraper in the background.

Taiwan-based life insurance company China Life Insurance has approved a €27-million ($30 million) commitment to French private equity firm Ardian’s latest buyout fund, according to a disclosure.

The development was first reported by PEI.

This is the insurer’s first commitment to Ardian, which is seeking to raise €6 billion for its seventh buyout fund – the largest the firm has raised since its founding in 1996.

Ardian is one of the world’s largest private investment firms with $96 billion in assets under management in Europe, US, and Asia, as of June 30, 2019. Its seventh buyout fund is believed to have an investment strategy for the European region, with a focus on biotech, life science, consumer, healthcare and business services sectors.

The firm last raised €4 billion in four months for its sixth buyout fund, with an additional €500 million raised for co-investment opportunities.

Besides Ardian, China Life has also approved another commitment in the month of August. Earlier this month, the insurer agreed to commit $25 million into Veritas Capital’s seventh fund. According to an SEC filing, the firm aims to raise $6 billion for the flagship vehicle.

The New York-based private equity firm closed its sixth fund at $3.55 billion in four months, exceeding its target of $3 billion in February 2017. It invests in technology-focused middle-market companies across North America.

Earlier this year, China Life Insurance had also made a $20-million commitment each to Blackstone’s eighth strategic partners fund, which focuses on secondaries in the private equity space as well as the firm’s buyout fund – Blackstone Capital Partners VIII. According to reports, New York-based Blackstone has raised over $22 billion for its largest-ever buyout fund.

The Taiwanese life insurance firm is keen to diversify its fund commitments into the West. Other recent fund commitments made by China Life include €18 million into Permira VII and $20 million into TA XIII.