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MBK Partners seals $1.25bn first close for third buyout vehicle

28 Nov 2012

Asia-Pacific focused buyout house MBK Partners has reportedly reached a $1.25bn first close for its latest buyout fund, pushing it close to becoming the largest it has ever raised.

The firm’s MBK Partners III vehicle is aiming to collect $2.25bn of commitments, which would put it well ahead of the $1.6bn it gathered for Fund II in 2008 and its $1.56bn debut fund in 2005.

AVCJ reported the first close, citing industry sources.

Its latest fund will continue the firm’s strategy of targeting companies in China, Hong Kong, Japan, South Korea and Taiwan by predominantly seeking controlling stakes.

The firm said it will focus on media and telecommunications, financial services, industrial, consumer, pharmaceutical and businesses services.

Earlier this month MBK’s KRW1.2tr ($1.1bn) acquisition of a minority stake in water purification business Woongjin Cowaywas revived after a South Korean court approved the deal.

The transaction was put on ice last month after Coway parent company Woongjin Holdings applied for court receivership, but the court overseeing the company’s bankruptcy proceedings has since given the deal the go-ahead.

MBK will pay KRW50,000 per Woongjin Coway share for a 31 per cent stake in the business under the deal, representing a 33 per cent premium to the company’s closing price before the transaction was announced.

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