Maples Advises SK Inc. on a Joint New Mobility Fund with Geely Automobile
17 May 2021
Maples and Calder, the Maples Group's law firm, is pleased to have advised as Cayman Islands legal counsel to SK Inc. (formerly SK Holdings) ("SK Inc."), the holding company of South Korea's third largest conglomerate, SK Group, on the launch of its joint new mobility fund ("the Fund") with Zhejiang Geely Holding Group ("Geely Automobile"). The Fund is a private equity investment fund focusing on the next-generation mobility technology sector.
SK Inc. and Geely Automobile have seeded the Fund with investments of US$30 million each. The Fund is expected to raise a total of US$300 million in aggregate commitments to make investments mainly in companies with technology in connected, autonomous, shared and electric vehicle businesses.
A team based in the Group's law firm in Hong Kong acted as Cayman Islands legal counsel to SK Inc.. The team was led by Co-head of the firm's Asia Funds & Investment Management team, Ann Ng and assisted by Korean speaking Associate, Dan Won and Mandarin speaking Legal Manager, Jaron Jiao.
Dechert acted as lead counsel to SK Inc..
Commenting on the transaction, Ann Ng said, "We were delighted to support our long-standing client SK Inc. on the strategically important launch of its joint new mobility fund with Geely Automobile."
Maples and Calder, the Maples Group's law firm, has the largest Cayman Islands and British Virgin Islands practising Funds & Investment Management team in Asia with a unique offering of native Chinese, Korean and Japanese speaking lawyers, providing innovative solutions to some of the most groundbreaking multi-jurisdictional matters in the region.
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