SK Group, a South Korea-based conglomerate, has launched a KRW500bn ($450m) private equity fund to expand its business abroad.
The fund is a partnership with Korea Development Bank and National Pension Service, according to news provider Asia Private Equity Review.
In June, SK Group reportedly launched a KrW100bn ($85m) corporate venturing fund to invest in its suppliers.
The group three affiliates – SK Securities, SK Telecom and SK Global Chemical – are backing the fund, which is in being started in cooperation with the state-run Korea Finance Cooperation and KDB Capital, according to news provider Korea Times.
The SK fund registered with the Financial Services Commission in April and will operate under SK Securities and KDB Capital until 2018. The fund will buy up to KrW5bn in shares of each firm as a direct investment.
The company has been undergoing a restructuring after its chairman and vice-chairman were indicated for embezzlement in January.