Korean LPs back Lindeman's $273m China fund
Lindeman Asia Investment, a South Korea and China-focused PE firm that concentrates on small and medium-sized enterprises, has launched a KRW300 billion ($273 million) fund with backing from domestic LPs.
The Lindeman Asia Global Pioneer Fund has received commitments from the National Pension Service (NPS) and Korea Development Bank, each of which will put in KRW100 billion. A further KRW50 billion will come from the Korea Teachers' Credit Union, according to a local media report republished on Lindeman's website, as well as an unspecified sum from Chinese sources.
The fund is expected to start investing in Chinese enterprises in the fourth quarter of 2016, with healthcare, biotechnology and information technology considered priority sectors.
Lindeman was set up in 2000 and claims to have raised approximately KRW360 billion for China-focused funds. The firm raised the KRW112 billion Global Cooperation Fund in 2014 and then last year closed Lindeman Asia Korea Venture Fund No.10 at KRW75.8 billion.
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