South Korean private equity firm Korea Investment Partners (KIP) has raised 180 billion won ($148.9 million) for its blind-pool fund named “Korea Investment Innovation Growth Scale Up Fund” and will soon make an investment, according to industry sources on June 23.

KIP originally attracted 60 billion won from Korea Development Bank (KDB) and Korea Growth Investment Corp (K-Growth) when appointed as the external manager. KIP raised 86 billion won in its first funding round in January. KIP attracted 34 billion won with the new fundraising, bringing the total to 180 billion won.

The initial target size for the blind-pool fund was 200 billion won but KIP decided to close the fund with 180 billion won considering the conditions for investments. 

The PE firm has accumulated more than 1.1 trillion won since it began its business in 2012. With the new blind-pool fund, the total assets under management of its PE unit will increase to 600 billion won.

KIP fully deployed its 130 billion-won Woori Partnership New Technology Fund at the start of 2019. The PE firm invested in footwear wholesale company C&K Trading, mobility platform Kakao Mobility, E-Land Group’s retail firm E-Land Retail, semiconductor equipment company SNTEK, and clothing original equipment manufacturer (OEM) SJY via the fund, which was formed in 2015.

Since then, investments have been made through project funds and KIP has invested in potentially high-growth small and medium-sized companies. Market watchers are paying attention to the result of KIP’s exit activities for the new year. The PE firm is managing three blind-pool funds and three project funds and is likely to make exits from some of its portfolio companies. (Reporting by Arrum Rho)