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K-Growth picks IBK Securities to run secondary fund

[THE INVESTOR] IBK Securities has been picked by a fund of funds management company Korea Growth Investment to manage a private equity secondary fund worth 120 billion won (US$108.25 million), the Korean brokerage house said on Sept. 26.

K-Growth will commit 60 billion won for the fund and IBK Securities needs to raise 60 billion won from other institutional investors to launch it. The fund will be run for the next seven years with a 6 percent target rate of return.

The secondary fund is designed to buy pre-existing commitments made by so-called limited partners, including pension funds, sovereign wealth funds, endowments and wealthy families, to allow them to liquidate their stake and get out earlier.

K-Growth said the fund aims to revitalize the country’s investment market as institutional investors can allocate their fund to other investment opportunities.

By Park Han-na (hnpark@heraldcorp.com)
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