Korea’s UCK Partners surpasses $770m on Fund III

The manager has already surpassed the overall target for the vehicle, which was set at KRW 800bn-KRW 900bn towards the end of last year.

The most recent close came at the end of July and comprised about KRW 200bn raised from overseas LPs, one source familiar with the situation told Mergermarket, AVCJ’s sister title. This is the first time UCK has marketed to international investors. Its first two funds were raised from domestic LPs.

The first close, which took place in March, saw Korean LPs contribute approximately KRW 816bn, said the first source and a second source. Korea’s National Pension Service (NPS), an investor in each of the first two funds, is an LP in the third. Local media previously reported that NPS has committed KRW 240bn to the fund.

UCK and NPS both declined to comment. UBS, which is serving as a placement agent for the fundraising, also declined to comment.

UCK targets midcap buyouts in South Korea, largely focusing on businesses involved in consumer, healthcare, tech-driven manufacturing services, and e-commerce. The strategy for Fund III will be the same as previous funds, although the average deal size could increase slightly, the sources said.

The team is led by three partners, Soomin Kim, Seung Woong Gwak, and Sunwha Shin. They operated under Japan-based Unison Capital until late 2022 when a management buyout was completed, Mergermarket reported earlier this year. The firm rebranded in February 2023.

Funds I and II closed on KRW 308bn and KRW 500bn in 2015 and 2019, respectively. Two companies remain in Fund I – FND Net, a health supplements producer, and P2P Systems, a study space provider.

Fund II has been fully deployed across eight investments. They include 3D dental scanner manufacturer Medit, traffic management systems specialist Topes, casual dining chain operator SCBH Holdings, coffee shop chain Haksan, fresh produce retailer Oasis, fashion and cosmetics retailer DHolic Commerce, frozen food supplier Umji Food, and F&S Retail, a footwear retailer that operates under the Sappun brand.

The first exit from Fund II came at the end of last year when MBK Partners acquired Medit for an enterprise valuation of KRW 2.4trn, taking out a position held by UCK.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• North Asia
• Fundraising
• Buyout
• GPs
• South Korea
• UCK Partners
• Unison Capital
• Fundraising
• National Pension Service (Korea)