HKMA backs $47m investment for minority stake in S Korean Kakao Mobility

seoul
Seoul, South Korea. Photo by Emile-Victor Portenart on Unsplash

Hong Kong Monetary Authority (HKMA), Teacher Retirement System of Texas (TRS) and University of California Retirement Plan (UCRP) have jointly invested KRW 50 billion ($47 million) to purchase a minority stake in South Korean taxi-hailing service provider Kakao Mobility Corp. This is part of a co-investment led by private equity firm TPG, according to a report by the Korea Economic Daily.

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