Over 80 limited partners (LPs) were said to have committed to the vehicle.
The Seoul-headquartered firm launched the fund in November 2019, a regulatory filing showed, but did not disclose its target corpus. Several media reports then said the general partner was seeking to raise $6 billion for its latest fund.
DealStreetAsia has reached out to the PE firm for comment.
MBK Partners Fund V had earlier secured capital commitments from US pension funds including Illinois Teachers’ Retirement System, Virginia Retirement System, San Francisco City & Country Employees’ Retirement System, New Jersey State Investment Council, Los Angeles County Employees Retirement Association, Texas Employees Retirement System and Ohio Police & Fire Pension Fund.
Canadian investors including Canada Pension Plan Investment Board, British Columbia Investment Management Corporation and Public Sector Pension Investment Board, which have backed MBK Partners’s previous funds, have also committed capital to its latest vehicle, according to Privatecapitaljournal.com.
MBK Partners’s four predecessor funds had raised a total of $10.5 billion. These four vehicles generated IRRs between 4.5 per cent and 18.2 per cent as of June 2019, and net total value to paid-in ratios of 1.3x to 2.19x, according to an investment proposal made to the New Jersey State Investment Council.
MBK Partners focuses on the North Asia market, including China, South Korea and Japan. Established in 2005, it has invested in over 40 companies in the region and managed $22 billion of assets.
The firm’s private equity strategy spans management-led buyouts, carve-out deals, take-private transactions and add-on acquisitions. It also makes select minority investments.
MBK Partners’s special situation division invests in customised, secured lending, secondary credit investments in distressed opportunities and non-control structured equity investments.