Press release issued by VIG Partners in respect of VIG Partners Fund III
VIG Partners Successfully Closes their Third Fund
14 February 2017
SEOUL/HONG KONG – VIG Partners (“VIG”), a leading middle market buyout fund focused on Korea, announced today the final closing of VIG Partners Fund III (“Fund III”) at US$600 million*. VIG exceeded its target of US$500 million with strong support from both existing and new investors. VIG secured commitments from a globally diversified investor base of investors from Europe, North America and the Asia Pacific. Fund III is composed of leading banks, family offices, insurance companies, fund of funds, and pensions
“We are proud of and grateful for the close partnership VIG enjoys with its investors and portfolio company managers, and we are extremely pleased with the high calibre new international investors who have joined the partnership” said Jason Shin, a Managing Partner at VIG. “VIG focuses on making control investments in sectors with strong and stable growth potential in the increasingly affluent and sophisticated domestic market, such as the consumer sectors that capitalize on the rapidly expanding middle class and aging demographic” said BM Park, another Managing Partner at VIG.
“Hong Kong based MVision served as Strategic Fundraising Adviser for Fund III. “MVision provided seamless execution throughout our fund raise and managed the process in the most efficient and innovative way possible. MVision’s expert management of the fund raise allowed the VIG team to focus on our transactions” said Jason Shin.
Fund III will seek to acquire control positions in Korea-headquartered companies with enterprise values ranging from US$50 million to US$300 million. As its first investment from Fund III, VIG recently acquired a 84 percent stake in a leading funeral service provider, Jo-Un Life, for US$56.5 million.
Kim & Chang and Debevoise & Plimpton LLP served as legal counsels to VIG.
Background of VIG Partners
VIG Partners is a leading middle market private equity firm that is distinctively focused on expanding and transforming companies located in Korea through the implementation of operating initiatives. VIG was one of the first private equity firms in Korea and has been active in private equity investing since 2005, managing approximately US$1.9 billion across all funds. The Team comprises 13 professionals led by four partners, Byung Moo Park, Jason Shin, Chulmin Lee and Songwook An, who have worked together for more than a decade. VIG seeks to acquire control positions in Korea-headquartered companies with enterprise values ranging from US$50 million to US$300 million. The firm then focuses on improving and operationally transforming these companies through refinement of strategic plans in addition to instalment of Korea’s best management teams.
* applying the exchange rate of 1,150 KRW / USD