IMM PE Participates in Blind Fund Offering with Construction Workers' Mutual Aid Association and National Pension Service

IMM PE Rose Gold No.5 Fund Formation Progressing Smoothly

IMM Private Equity (PE) is actively participating in the selection process for domestic private equity fund managers commissioned by domestic pension funds and mutual aid associations.

According to the investment banking (IB) industry on the 10th, IMM PE applied for the selection process of domestic private equity fund managers conducted by the Construction Workers Mutual Aid Association.

The blind fund commitment amount of the Construction Workers Mutual Aid Association is a total of 60 billion KRW, with a limit of 30 billion KRW per management company. The minimum fund size is set at 150 billion KRW, and the association's investment ratio is capped at 20% or less of the total fund size.

The National Pension Service (NPS) also recently announced plans to select domestic private equity fund managers, and IMM PE plans to actively apply for this as well. The total entrusted management amount is up to 800 billion KRW, with each fund autonomously set within the range of 150 billion to 350 billion KRW. The NPS is a major investor that has consistently invested in IMM PE’s flagship funds, Rosegold 1 through 4. For Rosegold 4, it invested approximately 400 billion KRW, accounting for 25% of the total fund size.

Meanwhile, IMM PE is currently working on raising the Rosegold 5 fund, targeting up to 2.6 trillion KRW. Rosegold 5 completed its first closing at the end of last year with 800 billion KRW. More than 10 institutional investors, including the Teachers’ Mutual Aid Association, Private School Teachers’ Pension, NongHyup Central Association, Korea Investment & Securities, and Samsung Securities, are reported to have participated as limited partners (LPs).

IMM PE plans to increase the fund size to the original target of 2.6 trillion KRW over the next two years through multi-closing (additional capital increases for existing funds).

The Rosegold series is IMM PE’s representative blind fund. Rosegold 1, formed in 2008, was sized at 312.5 billion KRW. In 2012, Rosegold 2 was raised at 755.6 billion KRW. Subsequently, Rosegold 3 (1.25 trillion KRW) was formed in 2016, followed by Rosegold 4 (1.9 trillion KRW) in 2020. The 4th fund’s portfolio included Shinhan Financial Group, Hanssem, Airfirst (formerly Linde Korea), Hana Tour, and the pharmaceutical division of Kolmar Korea.

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