Taiwan’s China Life Insurance commits $20m to Blackstone’s secondary vehicle

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Taiwan-based life insurance company China Life Insurance has committed $20 million to Blackstone’s eighth strategic partners fund, according to a report by PEI.

China Life is an existing LP in the fund’s predecessor, Strategic Partners Fund VII, and it had committed $10 million to the earlier vehicle.

The Strategic Partners funds are focused on secondaries in the private equity market. As of December 2018-end, the funds have raised over $34 billion of capital commitments, completed over 1,200 transactions and acquired over 3,500 limited partnership interests.

According to Secondaries Investor, Strategic Partners VIII is targeting to raise $8 billion. The seventh vehicle closed in January at $7.5 billion and was backed by US funds Pennsylvania Public Employee’s Retirement System and North Caroline State Treasury, who committed $250 million and $50 million respectively.

The Taiwanese life insurance firm is keen to diversify its fund commitments into the West. Other recent fund commitments made by China Life include $30 million into Carlyle Partners VII, $20 million into Thoma Bravo XIII, EUR 7 million into Bain Capital Europe Fund V and $10 million into Bain Capital Special Situations Europe.

Another Taiwanese firm, fabless semiconductor firm MediaTek Inc, through its subsidiary Gaintech Co Limited, has committed $12 million into PHI Fund, an automobile-focused venture capital and growth equity fund managed by Spain-based PHI Management.

Its investment in the $60-million Phi Fund is MediaTek’s sixth fund commitment since 2009. It first committed an undisclosed amount in Innovation Works Development Fund managed by Sinovation Ventures. In 2011, Mediatek committed $7.34 million in Walden International’s Rmb525-million ($78-million) fund, Shanghai Walden Venture Capital Enterprises.

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Taiwan’s MediaTek commits $12m in automobile-focused PHI Fund

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