Daewoo to set up $1b fund with US partner
South Korean brokerage Daewoo Securities’ Hong Kong unit has reportedly teamed up with a US-based private equity firm to set up a $1 billion fund to invest in social infrastructure projects.
The new fund - which targets sectors including water management systems, power plants and ports primarily in Asia and Europe - is expected to be the first large-size private equity vehicle established by an overseas unit of a Korean financial institution.
Daewoo Securities will raise 50% of the capital from Korean institutional investors and the partner company will generate the remaining half from investors overseas. The fund is likely to start operating by the end of September this year.
As it is a first-time fund for Daewoo, the vehicle will take a conservative approach to making investments by focusing on infrastructure and social projects instead of buyouts.
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