SK-KTCU fund to wrap up its first investment SK sold to a credit union half of its 20% stake in Brazos in the first deal for the joint fund
Translated by Ryu Ho-joung 공개 2020-01-23 08:00:00
이 기사는 2020년 01월 23일 08:00 thebell 에 표출된 기사입니다.
The first investment of a fund jointly created by South Korea’s SK Group and the Korean Teachers' Credit Union (KTCU) has been made in a U.S-based midstream company.SK Holdings Co., Ltd. and the KTCU have recently signed a deal to deploy capital from their joint fund to invest in Brazos Midstream, sources familiar with the matter said on January 17. The transaction is expected to complete later this month.
In a deal, SK Holdings sold to the KTCU half of its 20 percent stake in Brazos, which the South Korean conglomerate acquired back in 2018 through investment in an infrastructure fund managed by Morgan Stanley. By choosing the U.S. midstream company as their first investment from the joint fund, SK Group and the KTCU both appear to have decided to make a safe bet.
The KTCU, one of the country’s major institutional investors, is apparently expecting Brazos Midstream to generate stable cash flow and maintain profitability. With its business in the natural gas gathering and processing segment, Brazos is considered one of the largest private natural gas and crude oil midstream companies in the Delaware Basin.
In September of 2019, SK Holdings and the KTCU signed a memorandum of understanding (MoU) to set up a 1.2 trillion won ($1.03 billion) joint fund with an aim to invest in private assets in the overseas market. The two parties committed 600 billion won ($515 million) each. The KTCU hired IMM Investment to manage its commitment.
Now attention has turned to the joint fund’s next investment. The fund’s focus is not limited to energy and infrastructure assets. Industry observers are paying attention to the fact that the KCTU has partnered with SK Holdings, which is the group’s holding company. It is taking the lead on the conglomerate’s investment activity in a range of areas – including energy, telecommunication and semiconductors – with an aim of find new growth engines.
The KTCU is also expanding its effort to source more deals in the overseas market in order to enhance returns. In the mid-to-long term, it plans to gradually increase the share of foreign assets in its total assets under management to 50 percent from a current 42 percent.
(By reporter Kim Hye-ran)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
best clicks
최신뉴스 in 전체기사
-
- [코스닥 코스메틱 리뉴얼]'2차전지·신재생·건설' 신사업 행렬, 돌파구 찾을까
- '비상장사' 네이처리퍼블릭, CB발행 선택 까닭은
- [바이어 人사이드]고물가·왕서방 '이중고' 유통가, 품질·가격 잡기 '사활'
- [전환기 맞은 CJ올리브영]점포 자연 증가 '생태계 구축', 온라인까지 확장
- 오리온, 배당정책 '개별→연결' 실익 따져보니
- 삼성물산 패션, '메종키츠네 골프' 1년 반 만 철수
- [카카오의 변신, 브라이언을 지워라]'MZ' 부각된 박새롬 사외이사, AI 열풍 속 커지는 역할
- KDDF, 2기 체제 첫 인사 HLB제약 전복환 대표 영입
- 바이브컴퍼니, AI EXPO KOREA서 'AI 솔루션' 공개
- [Company Watch]'액면병합' 모비데이즈, 재무전략 재정비