SK Group, South Korea’s third-largest conglomerate, has set up a global fund to secure capital needed for the group’s overseas investment efforts, its officials said Sunday.

The private equity fund named “SK KDB Global Investment Partnership” was formed in cooperation with the state-run Korea Development Bank and the National Pension Service, according to the officials.

The fund size is about 500 billion won ($459.7 million), and SK Group expects that the amount could reach up to 1 trillion won in the future.

The fund will be mostly used to provide money for the group to make inroads into overseas markets with its flagship businesses involving energy and information and communications. It will also help the group’s efforts to find its new future growth engines. (Yonhap News)