Private equity fund (PEF) managers Arc & Partners and Keystone Partners were selected as general partners (GP) for the "IBK Growth M&A Fund."
According to the investment banking (IB) industry on the 27th, Arc & Partners and Keystone Partners were finally chosen the previous day as GPs for the Korea Growth Investment Corporation (K-Growth) "IBK Growth M&A Fund" commitment program.
The IBK Growth M&A Fund is a commitment program promoted by Korea Growth Investment Corporation (K-Growth) to revitalize the mergers and acquisitions (M&A) market for small and medium-sized enterprises, with up to 80 billion won allocated, 40 billion won per GP.
In addition to Arc & Partners and Keystone Partners, Keystone Private Equity and T.S. Investment also competed for GP and made the shortlist, but were not ultimately selected.
Arc & Partners and Keystone Partners plan to establish individual funds of at least 200 billion won based on 40 billion won in investment each. The fund formation deadline is by the end of Dec. this year.
In addition, the two firms will invest at least 60% of the minimum committed amount in domestic SME M&A and invest at least twice the investment amount in SMEs that fall under the Public Growth Fund's supported sectors.