Unison to hold more than $400m final close for second Korea fund – exclusive

The Tokyo-based manager is set to collect more than $400m for its second Korea fund and will hit the fundraising trail in the second half of the year for its fifth Japan fund.

Japanese mid-market firm Unison Capital is expecting to wrap up fundraising for its second Korea-dedicated fund by summer this year, Private Equity International has learned.

Unison is set to hit its approximately 500 billion won ($440 million; €400 million) fundraising target for the fund, a source with knowledge of the fundraise told PEI.

Unison began raising capital for Unison Capital Korea II mid-last year, as previously reported by PEI. Fund II’s target is larger than its predecessor, which collected 300 billion won in 2015.

Unlike its debut Korea fund which gathered 100 percent of capital commitments from Korean institutions, Fund II will probably include foreign limited partners, the source added.

Fund II will follow the same strategy as its predecessor, backing the restructuring of large conglomerates – known in Korea as chaebol – succession-led buyouts and growth capital in the domestic mid-market.

Investors in Unison’s debut Korea fund include Lotte Non-Life Insurance and National Pension Service of Korea, according to PEI data.

Unison is also in early discussions to come back to market with its fifth Japan flagship fund in the second half of the year, with a target “slightly larger” than the ¥70 billion ($660 million; €530 million) raised for Unison Capital Partners IV in 2015, the source said.

Fund V will back healthcare and services-related companies in Japan, as well mid-cap corporate carve-outs, it is understood.

The firm declined to comment on fundraising.