The private equity arm of Sprott Asset Management will co-manage along with Woori Asset Management a US$750 million private equity fund on behalf of South Korea’s National Pension Service and the Korean Electrical Power Company. The fund will be focusing globally on investments in the natural resources and power sectors.
Sprott to co-manage US750 million South Korean private equity fund
TORONTO, Dec. 20, 2013 (Menafn – Canada NewsWire via COMTEX) –Sprott Inc. (“Sprott”) today announced that Sprott Consulting LP (“Sprott Consulting”), Sprott’s private equity business unit, has been awarded the mandate to co-manage a 10-year US375 million private equity fund (the “Fund”) by South Korea’s National Pension Service (“NPS”) with a matching US375 million co-investment commitment to be provided by the state-owned Korean Electrical Power Company (“KEPCO”), the largest electric utility in Korea. Sprott Consulting will serve as co-manager of the Fund along with Woori Asset Management (“Woori”), the asset manager of Korea’s largest bank, Woori Financial Group. The mandate of the Fund will be to make private equity investments in the global natural resources and power sectors.
“We are pleased to have been awarded this mandate from one of the top pension funds in the world and look forward to partnering with NPS, KEPCO and Woori to make the Fund a success,” said Peter Grosskopf, Chief Executive Officer of Sprott.
“Following our launch of an offshore mining fund with Zijin Mining Group Co., Ltd., this mandate marks Sprott’s second entry into the growing Asian marketplace and solidifies our international reputation for expertise in natural resource investing,” said Mr. Grosskopf. “We are committed to continuing to build our institutional client base as we seek undervalued opportunities in the resource sector.”
NPS, along with other Korean-based institutional investors, will invest approximately US375 million in the Fund with additional matching co-investment commitments of approximately 375 million to be provided by KEPCO. The transaction is subject to registration of the Fund with the Korean Financial Supervisory Service. Closing is anticipated to be completed in the first quarter of 2014.
Inc.Sprott Inc. is a leading independent asset manager dedicated to achieving superior returns for its clients over the long term. The Company currently operates through five business units: Sprott Asset Management LP, Sprott Private Wealth LP, Sprott Consulting LP, Sprott Resource Lending Corp. and Sprott U.S. Holdings Inc. Sprott Asset Management is the investment manager of the Sprott family of mutual funds and hedge funds and discretionary managed accounts; Sprott Private Wealth provides wealth management services to high net worth individuals; and Sprott Consulting provides management, administrative and consulting services to other companies. Sprott Resource Lending provides lending services to mining and energy sectors. Sprott U.S. Holdings Inc. includes Sprott Global Resource Investments Ltd, Sprott Asset Management USA Inc., and Resource Capital Investments Corporation. Sprott Inc. is headquartered in Toronto, Canada, and is listed on the Toronto Stock Exchange under the symbol “SII”. For more information on Sprott Inc., please visit www.sprottinc.com.
About National Pension Service
South Korea’s National Pension Service provides pension benefits for Korean residents. National Pension Service manages more than US380 billion in assets, making it the third largest pension fund in the world.
KEPCO is the largest electric utility in South Korea, involved in the generation, transmission and distribution of electric power. KEPCO is responsible for 93% of all of South Korea’s electricity generation. In addition, KEPCO operates and develops electric power projects in South Korea and worldwide.
About Woori Asset Management
Woori Asset Management is the asset management subsidiary of Woori Financial Group, the largest bank in South Korea, and is a leading asset manager in South Korea with approximately US18.6 billion of assets under management.
SOURCE Sprott Inc.
Contact information:Glen Williams Director of Communications Sprott Group (416) 943-4394 firstname.lastname@example.org
Photo courtesy of Shutterstock.