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Private equity managers speed up fundraising ahead of regulatory reform Revision of Capital Markets Act comes into effect October 21

Translated by Kim So-in 공개 2021-10-18 07:57:43

이 기사는 2021년 10월 18일 07:52 더벨 유료페이지에 표출된 기사입니다.

Domestic private equity managers are busy creating their project funds before the revision of the Capital Markets Act comes into effect starting October 21.

The revision of the Capital Markets Act aims to regulate private equity funds based on the type of investor - institutional private funds and general private funds.

Under the revised Act, all domestic institutional private funds will be allowed to manage private debt funds in the country. Also, they no longer have to have more than a 10% stake for management participation.

However, the changes are likely to place a strain on small and mid-sized managers as the revised Act will unify the current two-track regulatory framework for private equity funds, introducing institutional investor private equity funds, which funds exclusively from institutional investors, and will be subject to minimal regulation as compared to general private equity funds.

General partners which are planning to establish project funds are accelerating their efforts to complete their fundraising processes.

They are also facing difficulties finding trustees after a repeat of the scandals at Lime Asset Management and Optimus Asset Management. Growing number of banks are reluctant to act as trustees of newly established general partners, which make some of them give up ongoing deals. With most of commercial banks downsizing their trustee businesses, general partners are reportedly flocking to Industrial Bank of Korea, which is fully operating the business. (Reporting by Se-hun Jo)
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