IMM closes third Korea-focused PE fund at $1.15b

South Korean private equity firm IMM Private Equity has hit the final close of its third Korea-focused buyout fund with a corpus of 1.25 trillion won ($1.15 billion), several media reports said, quoting executives from the firm.

The new vehicle, named IMM RoseGold PEF III, began its fundraising in 2014 and closed the first chunk of 485 billion won in March last year. It will inherit the preceding fund’s strategy to look at deals in the consumer, food and beverage and industrial sectors, Private Equity International said in a report.

The fundraising process for the IMM RoseGold PEF III has seen increased interest from foreign investors, the report added, quotingJoseph Lee, partner and senior managing director at IMM.

While most of the funding came from Korean limited partners, including the National Pension Service of Korea, Hyundai Marine and Fire Insurance and Public Officials Benefit Association, Lee reportedly said that about 20 per cent of the latest vehicle was raised from international investors such as sovereign wealth funds and large pension funds.

“For PEF III a lot of our limited partners felt that they wanted to get exposure in the mid-market space in Korea – deals with an enterprise value of under $1 billion – where most of the deals in are mainly chaebol (family-owned businesses) carve-outs, mid-cap companies where founders are cashing out, or growth capital investments,” the report further quoted Lee as stating.

The IMM RoseGold PEF II, launched in 2011, was oversubscribed, beating the  700 billion won target, and finally closed at 755.7 billion won. The second fund was fully deployed this year and has invested in life insurance, pharmaceuticals, food and beverage, and materials industries.

The overall transaction value by the second Korea-focused series reached over $1.8 billion, through both equity, co-investments, debt and mezzanine financing, the report quoted Lee as stating.

The first RoseGold fund, established in 2008, had a size of 312.5 billion won. In total, the Seoul-headquartered private equity firm has raised over 1.6 trillion won across four funds and exited 104 billion won worth of investments..

Also read:

Speyside Private Fund closes oversubscribed at $130m

Altos Ventures’ second Korea-focused fund closed at $110m

HK-based FountainVest Partners closes $2.1b China-focussed PE fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.