Corstone closes $124m Korea fund
US-based private equity firm Corstone Capital has closed a South Korea-focused fund at KRW150 billion ($124 million).
Investors in the Corstone Growth Strategy M&A Private Equity Fund include the Korea Development Bank's Growth Ladder Fund and the Korean Teacher's Pension Fund, along with Corstone Capital.
The vehicle will be managed by the Corstone Asia team based in Seoul. It will seek M&A and growth equity investments in Korean-domiciled small and medium-sized enterprises (SMEs), along with non-Korean businesses that are potential acquisition targets for Corstone's US portfolio companies. Real estate, aviation, human resources, technology and manufacturing are among the industries of interest.
"We are very pleased to have been selected through a highly competitive bidding process to be awarded the investment by the Growth Ladder Fund and the Teacher's Pension," said Corstone Chairman Albert Hawk in a statement. "The Fund mandate leverages our international capabilities with our core success in Korea. We are actively building our pipeline and looking for target companies."
AVCJ Research shows a number of investments by Corstone Asia in the past five years, including a 2014 commitment to food waste treatment and management company Re-Clean, and a 2013 investment of KRW14 billion in construction equipment manufacturer Jinsung TEC. The firm seeks opportunities in mezzanine and special situations investments, along with growth capital and buyout commitments.
More on North Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.