Company logos of IMM Private Equity, Hahn & Co., and STIC Investments / Captured images from each company’s website
By Yi Whan-woo
Representatives of Korea’s top private equity (PE) firms had a meeting with United Arab Emirates (UAE) President Mohamed bin Zayed Al Nahyan, according to industry sources, Wednesday, prompting speculation over widened cooperation between the two countries on investment capital.
The speculation comes as the meeting, according to the sources, was held at the request of the UAE president on the sidelines of his first state visit to Korea, where the PE market grew to 136 trillion won ($99.68 billion) as of last year.
The president met three executives — Lee Hae-joon, head of global growth at IMM PE; Hahn Sang-won, CEO of Hahn & Co.; and Chai Jin-ho, head of PE at STIC Investments — on the first day of his two-day trip, Tuesday.
The three are crucial in managing funds that attract global limited partners, including those from the UAE.
The meeting took place at the Lotte Hotel in downtown Seoul. Representatives of SBVA and Signite Partners here, both venture capital firms, also attended.
President Yoon Suk Yeol and United Arab Emirates (UAE) President Mohamed bin Zayed Al Nahyan inspect an honor guard during a welcoming ceremony at the presidential office in Seoul’s Yongsan District, Wednesday. The UAE president met representatives of Korea’s top private equity firms on the first day of his two-day visit, Tuesday. Yonhap
“The participants briefly introduced their respective company to the president, who, in a friendly gesture, told them to let him know if he can be of any assistance,” a source said on condition of anonymity.
Another source said the meeting was “where there was a sense of atmosphere to open working-level discussions very soon on relevant issues.”
A third source said UAE sovereign wealth funds are anticipated to explore investment opportunities aggressively in the Korean market on the heels of Tuesday’s meeting.
The source pointed out that the UAE president was accompanied by delegates of Mubadala Development Co. during his Korea visit.
A public joint stock company of the government of Abu Dhabi, Mubadala Development Co. forms the emirate’s three sovereign wealth funds along with the Abu Dhabi Investment Authority (ADIA) and ADQ.
According to data from the Sovereign Wealth Fund Institute (SWFI), the three collectively manage about $1.46 trillion in sovereign wealth capital.
ADIA manages $984 billion alone, making it the world’s fourth-largest sovereign wealth fund, while Mubadala Development Co. accounts for another $276 billion and ADQ for remaining $199 billion.
Hahn & Co. was at the top of the Korean PE industry in 2023, with a total committed capital of 13.6 trillion won. IMM PE had 9.2 trillion won, and STIC Investments had 6.26 trillion won.
Meanwhile, the UAE president met Tuesday with leaders of major Korean conglomerates, including Samsung, SK and Hyundai Motor.
