Dechert Advises SK Inc. on Joint New Mobility Investment Fund

Dechert acted as counsel to SK Inc. (formerly SK Holdings) (“SK Inc.”) for its joint launch of a new mobility fund – a private equity investment fund focusing on the new mobility sector, with Zhejiang Geely Holding Group (“Geely Automobile”). 

SK Inc. is the holding company of South Korea’s third largest conglomerate SK Group and Geely Automobile is China’s largest automaker. Building upon the expertise of both companies, the new fund will focus on investments in innovative mid-to-late-stage growth companies in fields such as autonomous driving, electrification and connectivity. SK Inc. and Geely Automobile have also seeded the fund with US$60 million. The fund is expected to raise US$300 million in aggregate commitments.

Dechert acted as legal advisor to SK Inc. for its joint venture and cornerstone investment. The cross-border matter spans across the following jurisdictions: Hong Kong, the United States, South Korea, China and Cayman Islands.

Commenting on the deal, Michael Wong, the Hong Kong-based partner who led the Dechert team, said, “The new mobility fund will help pave the way for the transportation industry, and we are proud to have supported SK Inc. on such a strategically important launch as part of their commitment to environmental sustainability and the new mobility sector.”

The Dechert team also included partners David Cho, Karen Anderberg, and Adrienne Baker in Hong Kong, London and Boston respectively, associates Mack Wan, Gilbert Cheng and Susan Yoon in Hong Kong, as well as associate Laurel Neale in London.

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Dechert is a leading global law firm with 25 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.