VIG closes latest Korea-focused fund on $600m

The Seoul-based firm has amassed $100 million more than its target for its latest buyout fund.

South Korean private equity firm VIG Partners has held a final close on its third fund on $600 million, exceeding its target of $500 million.

The firm began fundraising for VIG Partners III in June last year and received strong support from both existing and new investors from Europe, North America and Asia, the firm said in a statement. Investors in Fund III include leading Korean banks, family offices, insurance companies, funds of funds, and pensions.

Limited partners in VIG’s previous funds include the National Pension Service of Korea and Hana Financial Group, according to PEI data.

VIG Partners III is almost twice as large as its predecessor fund, Vogo Fund II, a 2012-vintage vehicle that raised $350 million and is almost fully invested.

Capital from Fund III will be used to acquire control positions in Korea-headquartered companies with enterprise values ranging from $50 million to $300 million. The firm has already made its first investment from the fund, having recently acquired a 84 percent stake in a funeral service provider Jo-Un Life for $56.5 million.

Commenting on the fundraise, VIG managing partner Jason Shin, said: “We are extremely pleased with the high calibre new international investors who have joined the partnership.”

Seoul-based VIG, which has been investing in private equity since 2005, manages close to $2 billion of assets. Among its portfolio companies are massage chair company Bodyfriend and lens manufacturer Samyang Optics.

MVision served as the placement agent for Fund III, while Kim & Chang and Debevoise & Plimpton served as legal counsels to VIG.