South Korean private equity firm STIC Investments have closed their second secondary direct fund on $368.8 million.
The STIC Secondary Fund II will acquire private equity portfolios that include growth capital, buyouts and special situations in South Korea and Asia Pacific. Investments have been made out of the fund since this February.
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 western banks affected by the subprime crisis, 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.
STIC was not available for comment at press time