Korean Insurance and Pension Capital Backs Corsair Vehicles for Vantage Airport and DP World Australia
Posted on 04/01/2019
Seoul-based AI Partners Asset Management Co. Ltd. oversees two funds that are dedicated to two Corsair Infrastructure Partners’ vehicles. Corsair Infrastructure Partners is a unit of Corsair Capital LLC. Gateway Infrastructure Investments is also managed by Corsair Infrastructure Partners.
[private_standard]The first fund invested 93 billion KRW (US$ 82 million) in a Corsair infrastructure fund that acquired 100% ownership of Canada-based airport developer Vantage Airport Group Ltd. from Gateway Infrastructure Investments. This new Corsair Infrastructure fund is a perpetual partnership with no fixed duration Vantage Airport Group is leading the US$ 4 billion LaGuardia Airport Central Terminal B redevelopment project and JetBlue Airways’ multi-billion-dollar terminal expansion at John F. Kennedy International Airport. Investors in the first AI Partners fund include Korea Scientists and Engineers Mutual-aid Association, Korea Military Mutual Aid Association, Shinhan Investment Corporation, Shinhan Capital Co. Ltd., and SBI Savings Bank. Vantage Airport Group was founded in 1994 as a subsidiary of Vancouver Airport Authority
The second fund invested in a Corsair infrastructure fund that acquired a minority equity stake in DP World Australia, a port operator. This minority stake was sold by Gateway Infrastructure Investments (an entity managed by Corsair Infrastructure Partners) and other financial investors. Investors in the DP World Australia AI Partners fund include ABL Life Insurance Co. Ltd., Mirae Asset Life Insurance Co. Ltd., Kyobo Life Insurance Co. Ltd., Shinhan Life Insurance Co. Ltd., and Heungkuk Fire & Marine Insurance Co. Ltd.
Keywords: Shinhan Financial Group, Kyobo Life Insurance, Korea Military Mutual Aid Association, Korea Scientists and Engineers Mutual-aid Association, Mirae Asset Daewoo, DP World plc.