South Korea To Double PE Allocation
The $35 billion
Chief Investment Officer Scott Kalb said that he does not believe this is the right time to commit to private equity or venture capital funds. However, he does feel it’s the right time for Korea Investment Corp. to invest in distressed debt and real estate.
As of June, 10 percent of the sovereign wealth fund’s total assets were in private market investments. Kalb said he expects total assets under management to increase by $5 billion to $10 billion per year. Korea Investment Corp. was created five years ago with capital from South Korea’s government and central bank.
Blackstone Accused Of Hiding Investments
The firm’s attorney, Bruce Angiolillo, a partner at Simpson Thacher & Bartlett LLP, argued that Blackstone was not legally required to reveal all the details of all its investments.
David Brower, a partner at Brower Piven PC and the attorney for the suing investors, said the suit should not have been dismissed in September 2009. “Blackstone has the obligation to report significantly negative, and even significantly positive, results. Numbers are always relevant when you’re talking about investments,” he said.
It is not clear when the court will make its ruling.
TPG Joins Yuan-Denominated Fund Fray
The firm will start fundraising for
TPG, which closed a $4.25 billion Asia fund in 2008, has been investing in the region for more than 15 years, and has more than 30 professionals there.
Some of TPG’s portfolio companies in China include China Grand Auto, Daphne, Lenovo, MI Energy, NT Pharma, ShangPharma, Shenzhen Development Bank, UniTrust Finance, WuMart and Yunnan Red Winery.
And about a year ago,