According to the investment banking (IB) industry on the 4th, IMM Investment has recently secured the status of general partner (GP) from major limited partners (LPs) such as the Korea Venture Investment Corporation’s Fund of Funds, the Korea Development Bank (KDB), and the Private School Teachers’ Pension Fund. The total funds secured amount to 85 billion won.
Specifically, these include: △ 20 billion won from the Korea Venture Investment Corporation’s Master Fund for the general category of on-demand secondary investments; △ 45 billion won from the Korea Development Bank’s (KDB) exit market support investment program; and △ 20 billion won from the Private School Teachers’ Pension Fund’s venture capital (VC) blind fund investment program.
Based on the funds raised this time, IMM Investment is moving forward with the formation of the IMM Secondary Fund No. 7 (tentative name). This means that 85 billion won—more than half of the minimum target amount of 150 billion won—has already been secured as anchor capital. The remaining 65 billion won is expected to be raised through the recruitment of private LPs and the GP commitment, which is the manager’s own capital contribution.
Under the regulations governing the fund-of-funds program, an asset management firm selected as a GP for the fund-of-funds must, in principle, complete the formation of the fund within three months of the selection date. IMM Investment plans to finalize the recruitment of additional investors by October and proceed with the final closing.
Market sentiment is positive. Despite the recent contraction in the LP investment market, it is reported that numerous financial institutions, drawn to IMM Investment’s track record and secondary investment strategy, are showing interest in the funding. Accordingly, it is reported that the firm is considering raising the fund’s target size from the minimum threshold of 150 billion won to the maximum limit of 300 billion won.
IMM Investment has recently been actively pursuing investments in the areas of existing share acquisitions and mid-term exits. The firm is capitalizing on secondary investment opportunities, such as discussions to acquire a stake in Craver Corporation—a subsidiary of Gudai Global—for which IMM Investment invested 140 billion won last year. It was also the only Korean firm to participate in the Series D funding round for Saronic, a U.S.-based autonomous unmanned surface vessel company.
An industry insider stated, “By securing a large amount of policy funds and public pension funds, the firm has ensured stability in fund formation,” adding, “With high interest from private LPs, we expect the firm to achieve its targets without difficulty.”
