Police Mutual Aid Taps Keystone, Genesis, BNW for PE Funds

The Police Mutual Aid Association has selected Keystone Partners, Genesis Private Equity, and BNW Investment as general partners for its private equity blind fund commitment program.

According to investment banking sources on March 19, the association completed qualitative assessments of six shortlisted candidates and notified the three firms they would proceed to internal due diligence. Industry practice indicates that firms reaching this stage are typically confirmed as final GPs. Each selected GP will receive 40 billion won, totaling 120 billion won in commitments.

This marks the Police Mutual Aid Association's first PE commitment contest in 10 years.

Keystone Partners was consecutively selected as GP by the Local Government Officials Mutual Aid Association (50 billion won) and the Military Mutual Aid Association late last year. The firm is accelerating fundraising for its sixth blind fund, targeting approximately 600 billion won.

Genesis PE completed a first close of 400 billion won for its second blind fund in November last year, aiming to exceed 600 billion won by the first half of this year. The firm has secured commitments from the Teachers' Pension, Korea Growth Investment Corporation, National Credit Union Federation of Korea, Local Government Officials Mutual Aid Association, and Korea Development Bank.

BNW Investment is pursuing its fourth blind fund with a target of up to 800 billion won. The firm has already secured over 500 billion won from major institutional investors including the Export-Import Bank of Korea, Korea Post, Military Mutual Aid Association, and IBK Industrial Bank's Shared Growth Fund.