VIG Partners, a South Korean buyout fund, announced that it had held the first close of its fourth Korea-focused fund with $530 million in capital commitments.

Under the financing deal, Fund IV raised $340 million from international limited partners (LP) and $190 million from domestic LPs.

Additionally, the new vehicle is expecting to secure a total investment of $800 million by the end of the third quarter this year.

More so, VIG Partners, which in 2017 closed $600 million third fund, backs small and medium-sized enterprises across a range of industries such as financial services, consumer goods among others.