North Asia-focused buyout house MBK Partners is reportedly targeting up to $6bn for its fifth flagship fundraise dedicated to the region.
The firm is currently in talks with potential investors to raise between $5bn and $6bn with the aim of holding a first close at the end of November and final close during the second half of next year, two people with knowledge of the matter told Reuters.
MBK hit a $4.1bn final close for its most recent flagship fund in 2016, after receiving commitments from names such as the Canada Pension Plan Investment Board and Singapore’s GIC sovereign wealth fund.
Fund V is expect to follow the same investment strategy as its predecessor which sought to back companies in sectors such as consumer, tech and financial services across South Korea, China and Japan, the sources added.
MBK was founded in 2005 by former Carlyle Asia partner Michael ByungJu Kim alongside other executives.
The firm has $15.7bn of capital under management and 33 investments in its portfolio, according to its website.
Earlier this year, the firm picked up a majority stake in the credit card business of South Korea’s Lotte Corp through a KRW1.38tn ($1.17bn) deal. MBK also agreed to buy the Asia-Pacific retail and distribution operations of Godiva Chocolatier from Turkish owner Yildiz Holding.
News of the fundraise follows reports of L Catterton ending its third Asia-focused fundraise on $1.45bn of commitments.
Korea-focused Hahn & Co has also reportedly raised $3.2bn across a pair of new funds, Bloomberg reported in early October.
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