Woori launches $495m PE fund with Posco, EIG
Korea’s Woori Asset Management has launched a private equity fund in partnership with domestic steelmaker Posco and US-based EIG Global Energy Partners. The vehicle was created in February and has a target size of KRW560 billion ($495 million), with Woori serving as GP as well as contributing 0.5% of the capital.
According to AsianInvestor, the fund will target global natural resources and also counts Korea's National Pension Service (NPS) among its LPs. The NPS' desire to diversify its portfolio to include more international alternatives investments is well documented.
EIG, which sold a minority stake to China Investment Corporation (CIC) in February, invests in energy, resources and related infrastructure. It has committed around $13 billion into more than 260 energy sector projects in the last 30 years, with investments spanning 33 countries, including Indonesia. CIC is an LP in several EIG funds.
Woori Bank raised its first private equity fund in 2004 before spinning out the PE operation into a standalone entity one year later. Woori Private Equity has since raised two funds, one of them in conjunction with The Blackstone Group.
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