이 기사는 2020년 02월 04일 08:00 thebell 에 표출된 기사입니다.

South Korea’s IMM Private Equity (PE) has secured a commitment of 40 billion won from the nation’s Government Employees Pension Service (GEPS).

According to industry sources on January 30, IMM PE has been picked as one of GEPS’ external alternative managers. GEPS will earmark 40 billion won to RoseGold 4, a two trillion won blind-pool fund being created by IMM PE.

IMM PE had competed with other PE firms, including SG PE and Keistone Partners to be GPES’ external alternative manager. The pension fund announced a shortlist of six contenders on January 8 and went through qualitative assessments in the form of presentation competition. IMM PE, SG PE, and Dominus Investment were picked as its external managers.

SG PE and Dominus Investment had received commitments from GEPS before, while it is the first time that IMM PE secures commitments from the pension fund.

GEPS allocated 60 billion won to PE firms in 2014, 90 billion won in 2016, and 80 billion won in 2017. IMM PE raised funds for its RoseGold 1 in 2008, RoseGold 2 from 2011 to 2012, and RoseGold 3 from 2015 to 2016.

It is said that I.J. Song, chief executive officer of IMM PE, directly contacted officials of GEPS and the firm received high marks on the qualitative assessment. Up until now, IMM PE has secured funding commitments from almost all major limited partners (LPs) in the country; except for two LPs. GEPS is reportedly one of the two.

IMM PE plans to complete funding from domestic pension funds and mutual aids and finish fundraising from foreign institutional investors by the end of the first quarter. The two trillion won worth RoseGold 4 is the largest fund that the firm has ever created.

The RoseGold 4 will have multiple closings. IMM PE used the RoseGold 4 when acquiring Airfirst (formerly Linde Korea) and participating in the rights offering by Shinhan Financial Holdings. Also, if IMM PE is picked as the new owner of Prudential Life Insurance Company of Korea, the firm is expected to spend some dry powder in the RoseGold 4. IMM PE has been chosen as one of the shortlisted bidders for the life insurer.

(By reporter Rho Arrum)