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STIC raises $530m for Korea special situations fund

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STIC Investments has raised $530 million for a special situations fund that will target restructuring opportunities involving South Korean conglomerates.

The STIC Special Situation Fund launched in May 2015 and closed earlier in October, with Korea's National Pension Service (NPS) coming in as the anchor investor, according to a source familiar with the situation. The vehicle will focus on acquiring shares in healthy subsidiaries of conglomerates that are in financial distress and undergoing restructuring.

STIC was founded in 1999 and has more than $4.2 billion in assets under management, its website notes. The firm has four core strategies: private equity, venture capital, special situations and M&A. In terms of special situations, previous vehicles have concentrated on direct secondary opportunities, providing liquidity solutions for funds nearing the end of their term life.

Recent STIC activity includes an agreement to support a KRW455 billion ($377 million) acquisition of a majority stake in China-based Rokin Logistics by CJ Korea Express Corp. towards the end of last year. STIC CJ Global Investment Partnership fund - which is sponsored by NPS as part of efforts to help Korean corporations make acquisitions overseas - took a minority interest in the business.

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