Korean alternative investment firm Castling Investment Group is reportedly 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.
Kim, who previously worked for Pathway Capital Management, joined Castling earlier this year.
AVCJ said the firm currently has ten members, with eight focused on investments.
Earlier this week it emerged early and growth-stage tech investor Altos Ventures was targeting $50m for what appeared to be its first dedicated fund aimed at dealmaking in Korea.
The firm has been an active investor in the country through its four previous funds but most of its investments have previously been in the US, with a preference for North California.
Altos has raised more than $300m to date across those funds, closing its latest vehicle in 2008.
Copyright © 2013 AltAssets