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Anchor Equity Partners strikes $500m hard cap in final close of debut fund

17 Oct 2013

Korea flagKorea-focused private equity firm Anchor Equity Partners has reportedly held a $500m final close for its debut fund after striking the vehicle’s hard cap.

AltAssets revealed last month that the firm had pulled in at least $400m for the fund, which was only launched last year by a group of executives from Goldman Sachs’ private equity arm.

The final close was held earlier this week according to AVCJ, which cited a source familiar with the situation.

They added that two Asian fund of funds were among the cornerstone investors.

Mercury Capital Advisors acted as a placement agent for Anchor Equity Partners Fund I.

Much of the Anchor’s investment team is drawn from former professionals at Goldman Sachs Principal Investment Area’s Korea team, which managed more than $1.2bn over the past 14 years.

Anchor said it plans to focus on investments of more than $50m in small and medium-sized Korean businesses and expects to be a majority or significant minority investor in those deals.

Earlier this summer it emerged that Korean alternative investment firm Castling Investment Group was planning to raise a co-mingled fund of funds after receiving its first external LP commitment.

Castling picked up an $80m pledge from a local museum foundation according to AVCJ, which spoke to the firm’s CIO Steve Kim.

He said the firm planned to offer customized separate accounts and co-mingled vehicles targeting Asian institutional investors.

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