Tawain's Cathay Backs Blackstone

TAIPEI (Reuters) – Cathay Financial Holding (2882.TW: Quote, Profile, Research, Stock Buzz), Taiwan's No.2 financial holding firm, said it has invested $100 million in a private equity fund of the Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz).

The investment represented 0.5 percent of the Blackstone Capital Partners VI, a recently launched private equity fund by the U.S.-based buyout firm, Cathay said in a statement late on Friday. No other details were given.

Cathay's life insurance arm has T$2 trillion ($63.9 billion) in its investment portfolio, about one-third of which is invested in overseas markets.

Shares of Cathay ended 0.17 percent lower on Friday, versus a 0.10 percent slide in the broader market .

($1=T$31.37)

(Reporting by Faith Hung; Editing by Ben Tan)