JKL, ICS, Praxis Among 10 Managers Selected for 700 Billion Won Teachers’ Credit Union Mandate

Over 40 Firms Compete, 10 Final Managers Selected

The Korea Teachers’ Credit Union has selected 10 firms, including JKL Partners, IMM Credit & Solution (ICS), and Praxis Capital, as managers for a 700 billion won blind private equity fund (PEF) mandate.

According to the investment banking (IB) industry on May 13, the Teachers’ Credit Union recently notified the final selection of 10 firms: JKL Partners, IMM Credit & Solution, Praxis Capital, KCGI, H&Q Korea, Premier Partners, Genesis PE, Eum Private Equity (PE), LB Investment, and Daol PE.

Each manager will receive between 40 billion and 100 billion won from the total 700 billion won commitment. The amount committed to each fund will be within 25% of the final fund size. The selected managers are required to establish a blind fund of at least 200 billion won within nine months. The investment period and the duration of the fund are up to five years and ten years, respectively, from the date of establishment.

This mandate attracted fierce competition, with more than 40 asset managers participating. Unlike other mandates, there was no restriction on the main investment target (70% investment in domestic companies), allowing managers with expertise in various fields, from buyouts (management control acquisitions) to growth capital (minority stake investments) and credit investments, to participate.

JKL Partners, Praxis Partners, and Premier Partners, which emerged as strong players last year, successfully secured capital. KCGI, widely known as the “Kang Sungboo Fund,” received capital from a pension fund or mutual aid association for the first time since its founding. Stick Investment’s credit fund, however, did not make the cut.

Meanwhile, the Teachers’ Credit Union plans to soon select 10 managers for a 152 billion won venture capital (VC) blind fund mandate.