StepStone receives commitment from Taiwan’s Fubon

Taiwan's second-biggest financial holding company has committed $30m to the global investment firm's latest secondaries fund.

StepStone‘s latest dedicated secondaries fund has received backing from one of Taiwan’s leading insurance firms.

Fubon Life Insurance made a $30 million commitment to StepStone Secondary Opportunities Fund III, according to a statement filed with the Taiwan Stock Exchange on 20 May by parent company Fubon Financial.

New York-headquartered StepStone had raised $93.9 million for StepStone Secondary Opportunities Fund III as of January, according to PEI Research & Analytics.

While the target of the fund is not clear, its predecessor vehicle closed above its $350 million target on $450 million in April 2013, according to PEI data.

Fubon Financial has made previous commitments to secondaries funds including $50 million to Coller Capital‘s Coller International Partners VII in June 2015.

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.