이 기사는 2021년 09월 14일 07:55 thebell 에 표출된 기사입니다.

Crescendo Equity Partners is close to fully investing its second blind-pool fund, with the firm’s third fund expected to surpass its target of 500 billion won ($426.3 million).

The Seoul-based firm will put its second fund’s remaining dry powder – about 10% of the fund size – work later this year, according to industry sources. The fund closed at 450 billion won in early 2018.

“Investments being considered are in line with the firm’s strategy of focusing on mid-sized domestic companies with high growth prospects to grow them to global players,” said a source familiar with the firm.

Crescendo, founded by Kevin Lee in 2012, is well known for being backed by PayPal founder and venture capitalist Peter Thiel.

The firm’s first blind-pool fund closed in 2015 with commitments of 74 billion won. It invested in high-technology manufacturers such as Hanmi Semiconductor, Model Solution and Seojin System, generating an internal rate of return of more than 25%.

Investments by Crescendo’s second fund include Qxpress, iText and NC Chem. Among its investors are South Korean pension funds and mutual aid associations including National Pension Service (NPS), Korean Teachers' Credit Union (KTCU) and Korea Growth Investment Corp. Peter Thiel also committed money to the fund.

Crescendo is in the process of raising its third fund. The firm previously raised several deal-by-deal funds apart from blind-pool funds, but mostly manages one fund at a time.

The firm so far this year has secured commitments from several domestic institutions including Korea Development Bank, NPS, KTCU and Teachers’ Pension. It is also waiting for Korea Post and Yellow Umbrella, the mutual aid association under Korea Federation of Small and Medium-sized Enterprises, to announce the results of their mandate awarding processes.

The firm’s third fund is expected to surpass its original target of 500 billion won with strong support from new and existing investors.

“Most of existing investors in Crescendo’s second fund re-upped in the new fund,” said the source. “Overseas as well as domestic institutions will likely put money into the fund.” (Reporting by Gyoung-tae Kim)