IMM PE’s third fund hits $1.15bn at final close

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facing-garden-1214958_640South Korea’s IMM Private Equity is said to have closed its third investment fund dedicated to its domestic market on KRW1.25trn ($1.15bn) after almost two years.

The Rose Gold III fund, which had a first close on KRW 485bn last March, attracted more foreign investments than its predecessor, AVCJ has reported.

In June, IMM tapped its third fund to invest in mobile-based webcomic developer Lezhin Entertainment.

The firm injected KRW 50m in the business becoming its second-largest stakeholder.

Rose Gold Fund II raised KRW 755.7bn back in 2011 and was focused on the life insurance, pharmaceuticals, food and beverage, and the materials industries.

IMM’s debut vehicle was closed on KRW 312.5bn in 2008 and targeted the industrial goods, consumer goods, pharmaceuticals and retail sectors.

IMM, which was launched in 2006, has also raised a separate sector specific fund, the IMM Corporate Partnership, which is exclusively focused on water distillation. The 2012 vintage pool closed on KRW 300bn.

Seoul-based IMM typically invests in companies valued between $100m and $1bn across Korea and Asia.

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