The domestic private equity fund (PEF) management firm VCM and the Cobalt Investment Consortium were selected as the preferred negotiators for the acquisition of mPLUS Asset Management, a subsidiary of the Military Mutual Aid Association.
According to investment banking (IB) industry sources on 1st, the Military Mutual Aid Association is expected to sell 70% of its equity in mPLUS Asset Management to the VCM-Cobalt Investment Consortium and retain 30%. The consortium is said to have suggested a corporate value for mPLUS Asset Management in the high 50 billion won range.
VCM is an investment firm founded by CEO Ji Gang-seok, who previously served as a representative at Marston Partners. CEO Ji has worked in the real estate division of Mirae Asset Global Investments, Ascendas, the overseas alternative team of the National Pension Service, Walton Street Capital's Asia director, Cactus PE, and MERITZ Securities' global PI.
Cobalt Investment is led by CEO Jeong Ho-seok. CEO Jeong previously served as the head of the development division at Marston Investment Management. He was involved in 12 residential and mixed-use developments, including Seocho Central I-Park, and major portfolios also include Sangam Dream Tower and the office in Uljin-ro 3-ga, district 12.
mPLUS Asset Management is a real estate asset management firm established in 2008 with an investment from the Korea Land Trust, a subsidiary of the Military Mutual Aid Association. In 2015, the Military Mutual Aid Association received approval from the Financial Services Commission for a change in major shareholders, incorporating mPLUS Asset Management as a subsidiary rather than a grandchild company. It holds assets worth 24 billion won as of the third quarter.
Earlier, real estate developer City Core and PEF management firms Keystone PE and Whale Investment participated in the invitation to bid conducted by Samil PwC, the sale's supervising company.