HarbourVest receives commitment from Fubon

Taiwan's second-biggest financial holding company has invested at least $120m in secondaries funds over the last year including those managed by StepStone and Coller Capital.

HarbourVest Partners has received a commitment to its latest dedicated secondaries fund from one of Taiwan’s leading insurance firms.

Fubon Life Insurance made a $30 million commitment to Dover Street IX Cayman Fund, according to a filing with the Taiwan Stock Exchange on 28 June by parent company Fubon Financial.

Boston-headquartered HarbourVest is seeking around $3.6 billion for Dover IX and was due to hold a first close around the end of last year, as Secondaries Investor previously reported.

The biggest investments in the fund so far include Michigan Department of Treasury’s $100 million, Ventura County Employees Retirement Association’s $60 million and New Hampshire Retirement System’s $50 million, according to PEI Research & Analytics.

Fubon Financial has made previous commitments to secondaries funds, such as $30 million to StepStone’s Secondary Opportunities Fund III, and $50 million to Coller Capital‘s seventh secondaries fund.

Taipei-based Fubon Financial had total assets of $181 billion as of 31 December, making it the second-biggest Taiwanese financial holding company and the country’s most profitable financial holding company, according to its website.

Elizabeth Wu contributed to this story.