South Korea’s IMM Private Equity Closed its Third Investment Fund

IMM Private Equity has closed its third investment fund focused on Korean market on KRW1.25trn ($1.15bn) after almost two years.

IMM Private Equity is based in Seoul and specializes in growth capital, turnaround, mezzanine, and buyout investments and cross-border transactions. The firm seeks to invest in undervalued mid cap and larger cap companies in Korea and Asia with enterprise values between $100 million and $1 billion.

The Rose Gold III fund

The Rose Gold III fund, which had a first close on KRW 485bn in March 2016, attracted more foreign investments than its predecessor IMM Rose Gold PEF II as it has raised almost 20 percent of its money from overseas institutions. Joseph Lee, partner and senior managing director at IMM Private Equity said, “Most of our funding traditionally came from Korean limited partners, but this time around we have about 20 percent of the fund or roughly $200 million from international investors such as sovereign wealth funds and large pension funds,”.

Targeting Mid-market in Korea

Joseph Lee further said that for PEF III, a lot of IMM's limited partners felt that they wanted to get exposure in the mid-market space in Korea that contains deals with an enterprise value of under $1 billion. In this market most of the deals are mainly "chaebol (family-owned businesses) carve-outs, mid-cap companies where founders are cashing out, or growth capital investments,” Lee said.

Source: Private Equity International, Deal street Asia, AltAssets, AVCJ

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