Daewoo Securities is believed to be creating the first large-scale private equity vehicle established by the overseas arm of a Korean financial institution.
The company’s Hong Kong arm is understood to be teaming up with an unnamed US private equity fund for the $1bn vehicle, which will target social infrastructure projects according to the Asian Venture Capital Journal.
It said Daewoo plans to raise half the capital from Korean institutional investors, with the US partner raising the other half from overseas LPs.
Fundraising could begin as early as next month.
Last week it emerged Korean asset manager Woori had partnered with domestic steelmaker Posco and US-based EIG Global Energy Partners to launch a natural resources-focused private equity fund.
Woori Asset Management established the Posco Woori EIG Global Fund in February with about $495m of assets, according to a filing with the US Securities & Exchange Commission.
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