Glenwood Private Equity has closed its third South Korea-focused fund, having secured international LP money for the first time, according to four sources familiar with the matter.

The manager hit the hard cap of USD 1.1bn, having formally launched the process towards the end of last year with a target of USD 1bn, the sources said. International LPs contributed approximately USD 450m, three of the sources noted. UBS Private Funds Group served as placement agent.

Participating investors include Canada Pension Plan Investment Board (CPPIB), Manulife Asset Management, Temasek Holdings-owned Pavilion Capital, and AlpInvest Partners, the first source added. There are around 20 international LPs in total.

On the domestic side, Glenwood is supported by Korea’s National Pension Service (NPS), which has backed the manager’s earlier funds, the same source said.

Founded in 2013 by Michael Chung, Sangho Lee, and Chan Jung, Glenwood initially operated on a deal-by-deal basis. Early successes included Tongyang Magic, a consumer appliances maker acquired for USD 300m and exited for twice that sum, and Halla Cement, a USD 600m carve-out from LafargeHolcim that was sold for USD 720m.

The firm closed its debut blind pool fund on KRW 450bn (USD 326m) in 2018. A second vintage of KRW 900bn was raised in 2020. LPs in that fund included NPS and Korean Federation of Community Credit Cooperatives (KFCC), according to AVCJ Research.

The strategy is corporate carve-outs. Three current portfolio companies are listed on Glenwood’s website: Invitros, a diagnostic business acquired from LG Group in 2023; PU Core, a polyurethane components supplier purchased from SK Group in 2023; and Techcross Environmental Services, a water purification business acquired from Bubang Group in 2024.

Last year, the firm sold its stake in health store chain CJ Olive Young to CJ Corporation and Shinhan Bank for KRW 780bn, having bought the position from CJ in 2021. Other notable exits include industrial films producer PI Advanced Materials, which was sold to Arkema for USD 817m in 2023. Glenwood acquired a majority stake from SKC and Kolon Industries in 2020.

All exits to date have been trade sales. PI was supposed to go to EQT, but the sponsor walked away from the deal in late 2022.

Glenwood claims USD 3.3bn in assets under management. This includes USD 800m in a credit business established in 2021.

Glenwood did not respond to requests for comment. UBS declined to comment.