IMM Private Equity, a Korean buyout and growth equity firm, is expected to hold a final close on its fourth flagship vehicle by the end of December.
The Seoul-headquartered firm will close IMM RoseGold IV and its parallel vehicles above its $1.6 billion target on $1.8 billion, partner and chief investment officer Hae-Joon Joseph Lee told Private Equity International. It had been in market since March 2019.
Around 85 percent of Fund IV will have been raised from domestic investors in Korean won, with the remainder raised internationally in US dollars, Lee said. This is a similar proportion to IMM RoseGold III, a $1.2 billion 2016-vintage.
Re-ups will account for about 85 percent of the new vehicle, Lee noted. Atlantic-Pacific Capital served as placement agent, according to PEI data.
Fund IV is already about 35 percent deployed across four investments, Lee added. The most recent of these was the $500 million carve-out of Genuone Sciences, formerly Kolmar Korea’s pharmaceutical division, which will close later this month.
This year, IMM became the biggest shareholder in travel agency Hanatour for a reported 135 billion won ($123 million; €101 million). Notable investments from prior funds include K Bank, shipbuilding giant Hyundai Samho Heavy Industries and insurer Kyobo Life.
Korean investments have declined in 2020. Private equity deal values had fallen to $3.4 billion across 11 transactions as of 30 November, down from $5.6 billion across 13 last year, according to Refinitiv.
Once IMM has closed, Korean GPs will have raised more than $8 billion in 2020, the highest total since 2013, according to PEI data. Most of this capital was raised by MBK Partners V, which closed on $6.5 billion in May.
– This article was updated to remove Korea Investment Corporation as a limited partner in IMM RoseGold IV.