Crescendo Equity Partners, a Korean private equity firm backed by PayPal founder Peter Thiel, is seeking a new round of funding worth 200 billion won (US$176 million), according to news reports on Sept. 4.
The new funding is the second of its kind following its success in raising 200 billion won. Reports said about 100 billion won has already been secured, including 75 billion won from Korea Growth Investment Corp.
Peter Thiel established Crescendo together with the current CEO Lee Ki-doo in 2012 with aims to invest in Korean startups and venture firms.
The firm has invested heavily in high-tech firms in recent years, including 50 billion won in Hancom, an office suite software developer; 20.3 billion won in Seojin System, an aluminum case maker for telecom equipment; and 37 billion won in Hanmi Semiconductor, a semiconductor equipment maker. Its internal rate of return was 39 percent on the first round of funding alone.
By Alex Lee (firstname.lastname@example.org