VIG secures $480m first close on third Korea fund
VIG Partners has reached a first close of $480 million on its third Korea-focused fund. The GP, which was formerly known as Vogo Investment, is expected to reach its target of $600 million by the end of the year.
Local media reported that the first close amounted KRW513 billion ($460 million), comprising KRW255 billion from domestic financial institutions, KRW202 billion from the National Pension Service (NPS), and KRW56 billion from foreign institutional investors. AVCJ understands the international LP tranche is in fact $70 million, or KRW78 billion.
The private equity firm recently announced the debut deal from Fund III, with the acquisition of a controlling stake in local funeral services provider Sangjo for KRW65 billion.
VIG closed its debut fund at $573 million in 2005 and then raised a dedicated pool of capital to support the acquisition of a controlling stake in Tong Yang Life Insurance five years later. The GP took a minority stake in the business in 2006 and was granted first refusal on any additional sale above a certain size threshold. Tong Yang Life was exited to Anbang Insurance Group last year in a KRW1.13 trillion deal.
The private equity firm raised $350 million for its second fund, closing the vehicle in 2014. Earlier in the year, it secured the first full exit from Fund II as the Burger King master franchise for Korea was sold to Affinity Equity Partners, generating an approximately 2.5x return. The last investment from the fund - parking management business HiParking - came in April.
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