Hamilton Lane invests in IMM infrastructure fund in secondary deal

Global private market investor Hamilton Lane Inc. has acquired a stake in Seoul-based alternative investment firm IMM Investment’s infrastructure fund, marking IMM’s first-ever secondary transaction in Asia and signaling growing global interest in Korea-originated infrastructure assets.

The transaction, finalized on March 31, was a secondary limited partner (LP) deal in which Hamilton Lane purchased existing investor commitments in the IMM Infra 8th Private Equity Fund.

These types of deals allow new investors to enter mature funds by acquiring interests from earlier backers, providing liquidity to the sellers and continued upside for the buyers. 

Financial terms of the transaction were not disclosed.

The IMM fund is classified as a core-plus and value-added infrastructure vehicle, with investments in energy transition, mobility, digital infrastructure and social assets across Korea.

The latest deal is expected to give the US-based investor exposure to Korea’s fast-growing infrastructure sectors, while supporting IMM’s efforts to broaden its international footprint.

“This transaction speaks to the institutional strength of our infrastructure platform and the increasing confidence global investors have in Korea as a long-term infrastructure market,” said Paek Jin-heum, chief executive officer of IMM Investment Singapore.

Hamilton Lane, which manages approximately $956 billion in assets under management and supervision as of December 2024, sees the infrastructure secondaries market as a growing opportunity.

“We believe there is a vast opportunity set in the infrastructure secondaries market,” said Brent Burnett, head of Infrastructure and Real Assets at Hamilton Lane. “Our investment in the IMM Infra 8th Private Equity Fund underscores our ongoing commitment to identifying unique opportunities in the infrastructure space.”

Through the deal, IMM will continue to manage the portfolio, leveraging its in-market expertise and value-creation strategy.

Hamilton Lane will contribute institutional due diligence, cross-border access and secondaries capabilities, aligning both firms around a shared long-term investment outlook.

The partnership is also expected to accelerate IMM’s transition from a Korea-focused firm to a broader regional platform.

The Korean investment firm set up its Singapore office in 2023 to serve as a hub for overseas fundraising and global partnerships.

Founded in 1999, IMM Investment currently manages more than $7.5 billion in assets across venture capital, growth equity and infrastructure, with offices in Seoul, Singapore, Tokyo and Hong Kong.

Write to Da Eun Choi at ax@hankyung.com

Sookyung Seo edited this article.