The buyout house is committing just under half of that figure in equity according to AVCJ, which cited the Yonhap News Agency.
Hanwah L&C also produces vehicle, electronics and solar power materials, and has split the business to help it focus on core activities and pay down debt.
MSPEA made its first deal in the country in February last year when it agreed to buy a majority stake in tissue maker Monalisa for KOW91.4bn ($83.7m).
The firm was reportedly set to close its fourth Asian private equity fund in January this year, although has not revealed details of the fundraise.
It is believed the firm was in line to hit its $1.5bn target.
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