Anchor Equity closes debut Korea fund on $500m

The Korea-focused firm formed last year by Goldman vets has closed its maiden vehicle on the target amount after about one year in the market.

The debut fund of Seoul-based Anchor Equity Partners has closed on its target of $500 million, according to a source with direct knowledge of the matter.

LPs in the first time fund include Canada Pension Plan Investment Board and Singapore’s GIC, according to Private Equity International’s source. The fund launched in September 2012 and the firm has already made three investments in Korea, the source added.

Anchor used placement agent Mercury Capital Partners. Both Anchor and Mercury declined to comment on fundraising.

Anchor was formed in August 2012 by a handful of Goldman Sachs veterans to target deal opportunities in Korea.

Managing partner Sanggyun Ahn, in his previous role at Goldman, worked on several high-profile Korea deals. He was on the investment team that bought a stake in Kookmin Bank, which Goldman exited in 2003, and he led the investment in Hana Financial Group, which the firm exited in February last year. Prior to Goldman, he was a consultant at McKinsey & Co.

Anchor intends to focus on consolidating fragmented sectors of the Korean economy, Ahn told PEI in a past interview. 

Another Korea-based firm, MBK Partners, this month closed its third fund oversubscribed on $2.6 billion, exceeding its $2.25 billion target, a source with knowledge of the matter told PEI. MBK is a North Asia buyout firm run by Michael Kim, a veteran of The Carlyle Group