Singapore-based developing market private equity firm Affirma Capital has closed its sixth Korea buyout fund at $370 million.
Major organisations including the Korean Teachers’ Credit Union and the Korea Development Bank have committed to support Ascenta VI, and it is anticipated that in the second half of this year, the fund will start interacting with foreign limited partners.
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In October 2021, the private equity firm closed Ascenta V, its fifth Korea fund, for $473 million. After the PE company split off from Standard Chartered in August 2019, that was its first financing. By the end of 2024, Affirma hopes to have raised $520 million for the sixth fund.
In July 2019, Standard Chartered Group’s Standard Chartered Private Equity spun off to become Affirma Capital. The deal included a management buyout with a $1 billion valuation for the bank’s private equity portfolio.
The primary deployment area for Ascenta V is Korea, with stragglers going to China, India, and Southeast Asian nations like Vietnam.
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Ascenta V’s first investment was a $181 million pre-IPO capital round in T Map Mobility, a mobility business unit that recently split off from SK Telecom, a telecommunications company in South Korea.
According to its website, Affirma manages assets worth over $3.1 billion and makes investments in growth and acquisition opportunities in emerging economies throughout Asia, Africa, and the Middle East.
It focuses on the consumer, healthcare, and financial services industries. The company maintains regional offices in Seoul, Shanghai, Dubai, Mumbai, Johannesburg, and Dubai.
“Our commitment to mid-market growth and strategic buyouts, underscored by our robust adherence to ESG principles, continues to define our market presence,” said Taeyub Kim, founder partner and head of Affirma Capital Korea.
About Affirma Capital
Affirma Capital is an independent private equity firm focused on emerging markets, owned and run by the top leadership of Standard Chartered Private Equity.
