South Korea-based Praxis Capital Partners has increased the target for its fourth blind pool fund to USD 850m, according to three sources familiar with the situation.

The manager, which raised several project funds before switching to the blind pool format, launched Praxis Blind Fund No.4 in the middle of last year. It initially sought to raise USD 600m and found this was quickly covered by domestic LPs, the first source said.

In late 2024, Praxis started marketing to international investors, having increased the overall target to USD 750m. A first close of USD 750m happened in May 2025, the second source said, with most of the capital coming from domestic LPs.

Additional local demand precipitated the latest increase, to USD 850m. The final split between local and international investors is likely to be 80:20, the first source noted, adding that Praxis has not set a hard cap for the fund.

Asante Capital is serving as placement agent for the international portion of the fundraise, according to the second source.

Participating local LPs include the Government Employees Pension Service, Industrial Bank of Korea, Korean Federation of Community Credit Cooperatives (KFCC), Korea Scientists & Engineers Mutual-aid Association, and Yellow Umbrella Mutual Aid Association, Korean media reported.

Should Praxis hit the revised target, it will have more than double the KRW 490.5bn (USD 354m) raised for Fund III. That fund closed in December 2019, according to AVCJ Research. The firm’s first two blind pool funds closed on KRW 106bn and KRW 193bn in 2015 and 2017, respectively.

Praxis was established in 2013 by Bain & Company alumni Min-sang La, Jun-Sik Yoon, and Kwan Lee. It claims assets under management (AUM) of KRW 2.3tn. AVCJ Research has records of three single-asset project funds and at least four co-investment vehicles, in addition to the blind pool funds.

The firm makes middle-market buyout and growth capital investments in Korea. Two-thirds of Fund IV has been earmarked for buyouts, the first source said.

There is a focus on companies with potential for rapid growth, driven by business model or technological innovation. Praxis was a prolific consumer sector investor in its early days and has since expanded into areas such as digital content and B2B technology.

Half of the 22 investments that have been made to date are consumer-related. A further four are in digital content and seven in B2B technology, according to the Praxis website.

Portfolio companies include Lightning Market, an e-commerce platform specialising in second-hand fashion apparel, JTBC Studios, a content production company, Doosan Robotics, a robot manufacturer, Beyond Music, an intellectual property management business, and St. Paul American School Hanoi, an international school operator in Vietnam.

Praxis claims 11 exits, which have generated a gross IRR of 42.9% and a money multiple of 2.2x, according to its website. There have been realised losses on investments.

Last year, the firm sold a majority stake in online billing system provider BusinessON Communication to Skylake Equity Partners for KRW 254.5bn, generating a 3x return, according to media reports. It invested in the listed company in 2019 and helped facilitate four bolt-on acquisitions.

Praxis did not respond to a request for comment. Asante declined to comment.