News & Analysis

STIC closes fund on $369m

The South Korean secondaries fund will invest in private equity and special situation portfolios in South Korea and Asia Pacific.

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South Korean private equity firm STIC Investments has closed its second secondary fund on approximately $369 million.

The STIC Secondary Fund II, which held a first close in December 2007 on $136 million, will acquire private equity portfolios that include growth capital, buyouts and special situations. The fund is 60 percent focused on Korea, with the remaining focused on Taiwan, China and Japan, Trevor Chan, director of STIC told PEO.

Investments have been made out of the fund since February this year.

STIC’s previous secondary direct fund STIC Secondary Fund closed on $125.3 million.

The firm reportedly aims to raise 1 trillion won ($755.3 million; €567.1 million) by early next year to invest in Asian assets, especially in Japan and Taiwan. It expects the investments, put up for sale by subprime-beaten banks, to net a more than 8 percent return, chairman Do Yong Hwan told Reuters.

Founded in 1999, STIC has $1.3 billion in assets under management. The firm is headquartered in Seoul with offices in Busan, Hong Kong, Ho Chi Minh, Shanghai, Silicon Valley, Taipei and Tokyo.