IMM Investment is on track to raise $500 mil in first close of new infra fund Seoul-based investment firm is targeting to make first close by end of this year

Translated by Ryu Ho-joung 공개 2021-12-01 08:12:43

이 기사는 2021년 12월 01일 08:10 더벨 유료페이지에 표출된 기사입니다.

IMM Investment Corp is on track to raise 600 billion won ($504.7 million) in the first close of its newly launched infrastructure fund before the end of this year as it ramps up investment in the sectors like environment, transportation and communication networks.

The Seoul-based investment firm has raised over 500 billion won for its ninth infrastructure fund since it launched the fund early this year, according to industry sources, getting closer to achieving a target to make a first close at 600 billion won by the end of the year.

IMM Investment aims to reach the final close of the new fund with commitments of more than 800 billion won by the end of next year.

The new fund is more than four times larger than its recent predecessors. The firm’s seventh and eighth infrastructure funds gathered 200 billion won each. They are almost fully invested, with the seventh fund focused on businesses in the environment and waste management sectors and the eighth fund dedicated to investing in transportation and communication technology companies.

IMM Investment’s ninth infrastructure fund will combine strategies for the seventh and eight funds, which is the reason that the firm decided to significantly increase the size of the fund.

IMM Investment is currently in talks to buy Dae Kyung Oil & Transportation, which could be the first investment by its ninth infrastructure fund. The animal oil and fats manufacturer is estimated to have a price tag of between 400 billion won and 500 billion won, which can be easily covered by the new fund even if the investment firm acquires it on its own.

The firm’s seventh fund invested in companies including Farm Yangjoo, a South Korea-based food waste management company, and China’s water treatment company United Water. IMM Investment first invested in Farm Yangjoo in 2019 and has continued to raise its equity stake to secure the management rights in the company earlier this year.

As part of a bolt-on strategy, IMM Investment acquired another food waste management company Clean Eco through Farm Yangjoo in the second half of this year. The 50 billion won investment in United Water was made in partnership with South Korea’s DL Group.

The eighth fund’s portfolio companies include shipping company Sinokor Petrochemical and communication infrastructure company Dreamline Corp. Approximately 110 billion won was financed via the fund for the investment firm’s 240 billion won purchase of preferred shares in Sinokor Petrochemical. The fund invested about 90 billion won to acquire the management rights in Dreamline. (Reporting by Byungkeun Kam)
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