IMM Investment eyes $900 mn infrastructure fund launch

IMM Investment Corp., a South Korean alternative investment firm, is planning to raise 1 trillion won ($900 million) for its new infrastructure fund with a focus on environmental and waste management, renewable energy, and logistics facilities, according to a local newspaper report.

It will secure 700 billion won from domestic investors and the remaining 300 billion won from abroad. IMM plans to hold an interim close for the new blind pool fund in September of this year, with its final close scheduled for the second quarter of next year, the Financial News reported on June 10. It was not immediately confirmed.

The new infrastructure fund will focus on core-plus assets, alongside value-add strategy.

IMM's co-CIO Hyun Chan Cho, a former drummer in a music group, will spearhead the fund. Before joining IMM in late 2019, he worked at the World Bank Group's International Finance Corp. for nearly 20 years, serving as director of the IFC's Asia infrastructure and resources.

IMM Investment, founded in 1999, manages 4.4 trillion won ($4 billion) in assets.

Yeonhee Kim edited this article.