이 기사는 2022년 03월 10일 08시08분 thebell에 표출된 기사입니다

SK ecoplant, the eco-energy unit of South Korea’s SK Group, and IMM Investment are looking for a financial investor in a Corporate Partnership Fund as they aim to make a first close of the fund at up to $500 million in the first half of this year, according to sources.

Late last year, the eco-energy company picked Seoul-based IMM Investment as the general partner of its Corporate Partnership Fund, which will focus on overseas investment opportunities in environmental, social and governance (ESG) areas.

Corporate Partnership Funds, also dubbed as COPA funds, are typically formed by South Korean conglomerates in partnership with the country’s institutional investors such as pension plans and mutual associations to help mergers and acquisitions abroad.

It is said that several institutions are weighing up whether to invest in the fund after receiving a proposal from IMM Investment.

The first investment by the fund will be TES, Singapore’s electronic waste management firm. In February, SK ecoplant announced that it would acquire 100% of TES for about $1 billion. It plans to finance about $300 million of the total acquisition cost from the COPA fund.

TES will attract interest from institutional investors given its solid market position and growth potential, industry watchers said. It specializes in recycling plastics and metals such as cobalt and aluminum from retired batteries and old electronics. Founded in 2005, the company operates 43 facilities in 21 countries around the world, with revenue of 414 billion won ($335 million) in 2021.

The fund’s investment in TES is handled by IMM Investment’s infrastructure team, while the firm’s growth equity team is responsible for the overall management of the fund.

SK Group and IMM Investment have partnered with each other in several overseas deals. The investment firm and SK South East Asia Investment jointly invested in Vietnam’s Masan Group in 2018 and Vingroup in 2019. In 2020, SK Inc invested in China’s ChinData Group by using its COPA fund which was managed by IMM Investment. (Reporting by Byung-keun Kam)