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Mirae Asset PE arm seeks $200m for Fund II

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  • Larissa Ku
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Maps Capital, a private equity investment arm of Mirae Asset Financial Group, has launched its second US dollar-denominated fund with a target of USD 200m.

A first close of USD 65m was completed last December with support from Mirae Asset and strategic investors, according to a source close to the situation. Maps Capital declined to comment on fundraising.

The firm makes growth-stage investments in innovative technologies. There are five main areas of interest: software, artificial intelligence (AI)-driven healthcare innovation, cleantech, hardware, and technology-enabled consumer.

Whereas Fund I focused on China, a significant portion of the Fund II corpus will be deployed in markets like South Korea, India, Southeast Asia, and the US. Investment activity is expected to leverage the parent company’s global network.

Standout investments from Fund I include autonomous trucking company Inceptio, AI-driven contract research organisation (CRO) XtalPi, and AI-enabled drug discovery player Insilico Medicine.

Mirae Asset has USD 548bn in assets under management across alternative investments, exchange-traded funds, investment banking, life insurance, and other strategies. The parent group also has a PE unit called Mirae Asset Capital (MAC) that focuses on markets including Korea.

There is also a VC arm, Mirae Asset Venture Investment, that has backed the likes of Korean grocery delivery platform Kurly.

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