SAIF to leave So. Korea

Most private equity firms are expanding in Asia, but at least one is contracting.

PE Week has learned that SAIF Partners plans to end its new investment activities in South Korea, with Seoul-based partner Don Han expected to leave by the end of the year. The firm’s other Seoul-based investment professional—Vice President JooDong Yu—will stay on board to manage the existing portfolio.

Han did not respond to email requests for comment on the news, which PE Week confirmed with two SAIF limited partners.

The firm has 10 Korean portfolio companies, with Han serving as a director with half of them. They are Bellwave Co., Contela Inc., Dragonfly GF CO., MC Tech, Neo Technical System Co., Ness Display Co., PnP Network Technologies, PointChips Co., Unipoint Corp. and WiderThan.

SAIF was previously known as Softbank Asia Infrastructure Fund, and earlier this year closed its third fund with $1.1 billion in capital commitments. The firm will continue to maintain four offices in China (Beijing, Hong Kong, Shanghai and Tianjin) and two in India (Hyderabad and New Delhi). —Dan Primack