South Korea’s Mirae Asset Global Investments Co. is pushing private equity fund (PEF) business to a higher level based on its confidence in the management.
During year-end reshuffle, Mirae Asset Global Investments named Yoo Sang-hyun, senior managing director at Mirae Asset Daewoo Co. responsible for PE investment, as head of its PEF2 division that was newly created in addition to PEF1 led by Ahn Sung-woo, who joined Mirae Asset PE in 2013.
Mirae Asset PE – under Mirae Asset Global Investments and established in 2004 – has been leading Korea’s private equity industry with successful buyout deals and growth capital investments.
Mirae Asset PE acquired Acushnet, the world’s leading golf equipment and apparel company, in 2011 and listed Acushnet in New York Stock Exchange in 2017 that allowed the Korean PEF to double profit – the highest internal rate of return by a local PEF in an overseas investment. The deal was awarded the Best Deal of the Year by FinanceAsia magazine.
Another successful deal was its acquisition of Korea Aerospace Industries (KAI) in 2009. It recouped triple the amount of its investment in the country’s sole military aircraft manufacturer in five years by selling part of its stakes in KAI upon its initial public offering (IPO) in 2011 and the remaining stakes in a bloc deal in 2014.
In 2015, Mirae Asset PE raised a 20 percent annual return in less than two years after funding former Posco Specialty Steel to make inroads into new markets such as Vietnam and make facility expansion.
Mirae Asset PE has also received overwhelming investment for a blind fund – Mirae Asset Private Equity IX – that invests in Chinese secondary battery cell component manufacturer Shenzhen Londian Electrics and U.S. startup Impossible Foods specializing in plant-based foods whose business prosepect looks bright.
Mirae Asset PE is readying to roll out a new blind fund this year.
By Moon Ga-young and Lee Eun-joo
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