Fubon Life Insurance Co (富邦人壽) on Wednesday said that it plans to invest up to NT$5.62 billion (US$183.8 million) in a new private equity fund focused on supporting national infrastructure projects.
The new fund, managed by Fubon Securities Co (富邦證券) and Macquarie Infrastructure and Real Assets (MIRA, 麥格理基礎設施與有形資產), was approved by the board of directors of its parent company, Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial conglomerate in terms of asset value, Fubon Life told a news conference in Taipei.
The fund, named as ”Taiwan Infrastructure Partners,” has been approved by the Financial Supervisory Commission (FSC), while Fubon Life's investment in the fund still needs to be approved by the commission, it said.
The FSC last year eased rules for securities investment trust and consulting (SITC) firms to manage and operate private equity funds in a bid to attract investment to the Forward-looking Infrastructure Development Program.
Currently, most investment funds operated by SITC firms are focused on equities and bonds.
Fubon Life said it would hold a less than 25 percent stake in the new fund and hopes to gain long-term returns on good infrastructure projects.
The fund would target investments that fall under the government’s infrastructure program, with projects such as railway, water environment, green energy, digital infrastructure, urban and rural developments, childcare and human resources, the insurer said.
Fubon Life has invested in multiple private equity funds as a way to diversify its investment portfolio and seek long-term gains, it added.
In the first 10 months of the year, Fubon Life made 25 investments in overseas private equity funds, totaling US$1.06 billion, company data showed.
That included a US$20 million investment in KPS Special Situation Fund V, which focuses on companies in circumstances such as restructuring or bankruptcies.
Fubon Life’s cumulative investments in private equity funds account for 31.19 percent of its total assets, the insurer said.
This story has been modified since it was first published to avoid any inconvenience caused to Fubon Financial Holding Co.
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