Taiwanese insurer Shin Kong Life is selling off a portfolio of private equity fund stakes to a consortium of buyers including Montana Capital Partners and Committed Advisors.
According to a 21 March filing, Shin Kong has agreed to sell $252 million and €33 million worth of stakes in five private funds, including Warburg Pincus Global Growth. The other buyers include FlowStone Partners, Golding Capital Partners and Portfolio Advisors.
According to data from affiliate title Private Equity International, Shin Kong had committed $200 million to Warburg Pincus Global Growth Fund XIII, which closed in 2019. It’s unclear whether this is the fund in question. Shin Kong is expected to make about $58 million of profit from the overall transaction, the filing noted.
Montana and Golding Capital declined to comment when approached by PEI. Shin Kong, Committed Advisors, FlowStone and Portfolio Advisors had not responded to a request for comment by press time.
The sale comes just weeks after Shin Kong’s peer, Cathay Life, agreed to sell about $1.2 billion worth of stakes in 21 private funds to HarbourVest, including a stake in Blackstone Capital Partners VIII, Secondaries Investor reported earlier this month. The transaction was Cathay’s second in under 18 months, having sold at least $300 million worth of interests in eight private credit funds, including Ares Capital Europe IV, to a consortium which included Coller Capital, StepStone and Apollo S3 Management in December 2022, per a filing.
Taiwanese insurers more broadly have been reducing their private markets exposure ahead of a new regulatory capital regime in January 2026, known as the localised Insurance Capital Standards (TWICS), PEI reported earlier this month.
Fubon Life offloaded stakes in 22 private equity and hedge funds, valued at around $420 million, in January 2023. A few months later, KGI Life – formerly China Life Taiwan – sold about $272 million of private equity fund stakes to a consortium of buyers including HarbourVest and Sturbridge, per a filing.
TWICS assigns risk weightings to various asset classes to determine the minimum amount of capital financial institutions should hold in order to guard against potential losses. While detailed ratings have not been disclosed yet, it is expected that TWICS will increase the capital requirements and risk charges for different asset classes, including private equity. These weightings had already been raised under the current regulatory regime.
The retreat of Taiwanese insurers implies a notable reduction in available capital for international GPs. According to PEI data, these institutions had contributed at least $17.8 billion into private equity since 2015, with Cathay and Fubon being the two most active. Their respective portfolios included the likes of KKR, TPG and Blackstone.
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