Internet group Naver intends to provider capital for funds run by telecommunications firm SoftBank and venture capital firm Sequoia Capital, Korea Economic Daily has reported.
The funds in question are a China-based fund co-managed by SoftBank, which already runs the China-focused SBCVC unit, and private equity group TPG; and Sequoia’s Global Growth Fund III, which requires a minimum commitment of $250m from each limited partner.
The moves are intended to diversify Naver’s holdings. The corporate had about $1.8bn in cashable assets as of the end of March 2018, it has revealed, and has partnered both firms before.
SoftBank and Sequoia China paid a combined $50m for a 20% stake in Naver’s social photo app, Snow, in January this year, and Naver has already supplied a total of roughly $78m for two funds raised by SoftBank’s now shuttered SoftBank Ventures unit, in 2014 and 2016.