IMM PE closes its largest flagship fund at $1.8 bn

South Korea-based IMM Private Equity has raised 2 trillion won ($1.8 billion) for its largest flagship fund, RoseGold IV, at its final close, according to its senior executives.

The latest fund surpassed its previous fundraising record of $1.16 billion set in 2016.

IMM PE has raised commitments from both domestic and international investors ranging from pension funds, sovereign wealth funds, financial institutions and funds of funds, Hae-Joon Joseph Lee, an IMM PE partner, said on social media on Dec. 23. 

Atlantic-Pacific Capital, a US advisory firm for private equity funds, worked on its international fundraising, he added.

“Now that a larger number of foreign investors participated in our fund, we will be able to provide them with many co-investment opportunities," IMM PE Chief Executive I.J. Song told Market Insight, the capital market news outlet of The Korea Economic Daily.

Following its initial close at around 1 trillion won last year, RoseGold IV made four investments: Hanatour Service; industrial gas company AirFirst; cosmetics maker Kolmar Korea; and 750 billion won in preferred shares of Shinhan Financial Group.

The investment in Hanatour, South Korea’s largest travel agency, was made a few months before the onset of the COVID-19 pandemic.

IMM PE, established in 2006, focuses on Korea and Korea-related investment opportunities, with $4.9 billion in assets under management. 

It is among the five Korean PEFs chosen by the National Pension Service this year for a combined 800 billion won mandate.

Its portfolio companies included K Bank, South Korea's first Internet-only bank and SOCAR, the country's most popular car-sharing company. This year, it exited from its 82 billion won investment in South Korea’s Hollys Coffee, while losing to Glenwood Private Equity in a recent competition for a minority stake in South Korea’s largest health and beauty chain CJ Olive Young.

To better manage its diversified portfolio, IMM Private Equity is preparing to launch an operation unit in charge of portfolio companies early next year.

Write to Chang Jae Yoo and Chae-yeon Kim at yoocool@hankyung.com
Yeonhee Kim edited this article.