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.