MBK Partners nears $2.6bn hard cap for biggest-ever buyout fund


SAsia-Pacific focused buyout house MBK Partners is reportedly nearing the $2.6bn hard cap for its biggest-ever buyout fund thanks to massive oversubscription.

PEI reported the fund has made a penultimate close on $2.3bn, putting it already well ahead of the $1.6bn it gathered for Fund II in 2008 and its $1.56bn debut fund in 2005.

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.

MBK is currently in the running for ING’s South Korean insurance business, although a consortium including private equity firm Vogo Investment is in pole position after being picked as the preferred bidder.

The Tong Yang Life Insurance-led consortium has offered KRW2.15t ($1.86bn) for 100 per cent of the unit, said Reuters.

Other suitors include CVC Capital and private equity-backed insurance company Kyobo.

Copyright © 2012 AltAssets