Key Takeaways
- • IMM Private Equity selected Coller EQT, the secondary specialist subsidiary of EQT, as overseas lead investor for the AirFirst Continuation Fund, according to Korean investment bank industry sources reported by Maeil Business Newspaper.
- • The AirFirst stake is valued at about 4.2 trillion won (100% equity value), with a total transaction size of roughly 3 trillion won.
- • IMM PE targets up to $400 million (about 530 billion won) from overseas investors and about 1.5 trillion won from domestic investors, with a goal of closing by year-end.
- • The deal moves about 66% of the AirFirst stake from existing blind funds Rose Gold 3 and 4 into new vehicles, with new fund equity of about 1.8 trillion won.
- • Valuation has tripled since IMM PE's 2019 acquisition, when the company was valued at about 1.4 trillion won, versus roughly 3.7 trillion won at the 2023 BlackRock minority sale.
Summary
IMM Private Equity (IMM PE), a domestic private equity fund operator, has selected Coller EQT as its overseas lead investor for the AirFirst Continuation Fund, according to investment bank industry sources cited by Maeil Business Newspaper on November 5, 2026. Coller EQT is a secondary investment specialist subsidiary of EQT, the European private equity group, and has more than 35 years of experience in secondary investing. EQT acquired Coller Capital earlier in the year. The firm has continuation fund experience and relationships with roughly 40 to 50 Korean institutional investors.
IMM PE plans to raise up to $400 million (about 530 billion won) from overseas investors, including Coller EQT, and about 1.5 trillion won from domestic investors. The transaction, which IMM PE has named 'Project Evergreen', is targeted to close by the end of 2026. The AirFirst stake, valued at about 4.2 trillion won on a 100% basis, is being moved from existing blind funds, including Rose Gold 3 and 4, into new vehicles. Roughly 66% of the stake is involved, with total transaction value of about 3 trillion won and new fund equity of about 1.8 trillion won. About 30% of the stake held by BlackRock, the second-largest shareholder, was excluded from the deal.
AirFirst, which IMM PE acquired in 2019 and which previously operated as Linde Korea, supplies semiconductor manufacturers including Samsung Electronics and SK Hynix under long-term contracts, generating stable cash flow. The company's value has risen sharply since acquisition: about 1.4 trillion won in 2019, about 3.7 trillion won when BlackRock acquired a 30% stake for about 1.1 trillion won in 2023, and the current transaction is priced roughly 500 billion won above that level.
Most existing limited partners are expected to reinvest in the new vehicle. Domestic institutions that participated in the initial investment include the National Pension Service, the Korea Teachers and Education Credit Union, Korea Post, the Military Mutual Aid Association, the MG Saemaeul Treasury, and the Science and Technology Mutual Aid Association. Some investors recovered capital when a minority stake was sold in 2023.
IMM PE plans to raise up to $400 million (about 530 billion won) from overseas investors, including Coller EQT, and about 1.5 trillion won from domestic investors. The transaction, which IMM PE has named 'Project Evergreen', is targeted to close by the end of 2026. The AirFirst stake, valued at about 4.2 trillion won on a 100% basis, is being moved from existing blind funds, including Rose Gold 3 and 4, into new vehicles. Roughly 66% of the stake is involved, with total transaction value of about 3 trillion won and new fund equity of about 1.8 trillion won. About 30% of the stake held by BlackRock, the second-largest shareholder, was excluded from the deal.
AirFirst, which IMM PE acquired in 2019 and which previously operated as Linde Korea, supplies semiconductor manufacturers including Samsung Electronics and SK Hynix under long-term contracts, generating stable cash flow. The company's value has risen sharply since acquisition: about 1.4 trillion won in 2019, about 3.7 trillion won when BlackRock acquired a 30% stake for about 1.1 trillion won in 2023, and the current transaction is priced roughly 500 billion won above that level.
Most existing limited partners are expected to reinvest in the new vehicle. Domestic institutions that participated in the initial investment include the National Pension Service, the Korea Teachers and Education Credit Union, Korea Post, the Military Mutual Aid Association, the MG Saemaeul Treasury, and the Science and Technology Mutual Aid Association. Some investors recovered capital when a minority stake was sold in 2023.
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