South Korean private equity firm STIC Investments has started a process to terminate its second blind-pool fund, STIC Korea Integrated-Technologies New Growth Engine Private Equity Fund, after completing the disposition of investments.

Launched in 2009, the 200 billion won ($177.6 million) fund is managed by Unit I, one of STIC’s three units. It has invested in several tech firms, including diagnostics company Access Bio and software solutions provider Hancom MDS, and has reportedly delivered a total internal rate of return (IRR) of between 11% and 14%. The liquidation is expected to be completed by next month.

The fund invested 12.5 billion won in New Jersey-based biotech firm Access Bio in April 2011. Founded by South Korean scientist Choi Young-ho in 2001, Access Bio went public on Kosdaq in May 2013 and STIC made a full exit in July 2014 with a return of 4.4 times.

The fund also acquired a controlling stake in Hancom MDS, formerly known as MDS Technology, for 55 billion won in August 2010 and liquidated the investment by selling its stake to South Korean software giant Hancom for 74.5 billion won in May 2014, generating an IRR of 23%.

The MDS deal served as an opportunity for STIC to build a relationship with Hancom, which purchased Belgian software startup iTEXT in 2015 in a deal in which STIC also invested through STIC M&A Fund, managed by Unit III. The two firms then jointly acquired personal protective equipment manufacturer SanCheong, now renamed Hancom Lifecare, for 265 billion won in 2017, with STIC investing 80 billion won from its special situations fund managed by Unit II.

If the liquidation is completed, STIC’s Unit I will have two active funds – STIC Private Equity Fund III and STIC Pan-Asia 4th Industry Growth Private Equity Fund. The former, closed with $443 million in 2013, is fully invested. The latter, which is Unit I’s latest fund, raised in 2018, has invested about 80% of the capital committed. (Reporting by Hye-ran Kim)