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South Korean private equity house Hahn & Company has closed Asia’s largest GP-led secondary transaction to date with the formation of a $1.5bn continuation vehicle for cement producer Ssangyong C&E.
Coller Capital and its co-investors co-led the transaction and were the largest investor group.
Hahn & Co. is deploying funds into the company for the third time. It said Ssangyong continues to deliver on the firm’s core investment through market consolidation, divesting its non-core assets and strategic transformation.
Peter Kim, partner and head of Asia at Coller Capital, said, We are excited to co-lead this transaction partnering with a blue-chip firm such as Hahn & Co. and to be investing in one of Hahn & Co’s trophy assets.
“Our first-hand expertise in Korea, together with our strong relationship with Hahn & Co., have enabled us to undertake extensive due diligence and execute this large, complex transaction. We look forward to utilizing our expertise further to develop the private capital secondary market in Korea.”
Scott Sang-Won Hahn, CEO of Hahn & Co, added, “This partnership with Coller Capital and a leading global secondary player represents an important milestone in Korea private equity and is evidence of how private equity firms can be successful, long-term owners of businesses with the ability to transform companies and industries.”
Hahn & Co had reportedly closed its third buyout fund on $2.7bn and a co-investment fund on $500m in 2019.
The firm was founded in 2010 by former Morgan Stanley exec Scott Hahn. It has $5.6bn in assets under management according to its website.
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