Dechert has advised IMM Investment Global (“IMM Global”) on the structuring, formation and closing of its IMM Global Battery Fund I, which is structured in the form of a Hong Kong limited partnership fund. Through the fund, IMM Global has led a significant Series A investment round in Lithion Recycling Inc. (“Lithion”) in January 2022. Supported by Fondaction and its managed fund, this round of funding is expected to reach up to C$125 million (US$99 million).
IMM Global is the overseas investment arm of IMM Investment Corp, which is the leading alternative asset manager in Korea with US$5 billion assets under management. Lithion is a Canada-based technology company which has developed an efficient process to recover up to 95% of the strategic metals contained in lithium-ion batteries. This technology reduces the over reliance on natural resource extraction and helps to accelerate the global transition to green energy.
The Dechert team was led by Michael Wong, Hong Kong-based partner of Dechert’s financial services practice, with support from associates Mack Wan and Gilbert Cheng.
“We are delighted to have supported IMM Global on this fund formation, which allows them to invest in meaningful businesses across the EV battery value chain that are dedicated to addressing the global challenge of energy transition. The fund is particularly unique, as it was structured in the form of a Hong Kong limited partnership fund, which deviates from the more traditional fund structure we typically see for this type of transaction,” said Michael Wong, “This also continues our team’s strong track record in advising various financial services entities on significant fund formation mandates using different fund structures across Asia.”
“Thanks to the expertise and support from the Dechert team, IMM Global Battery Fund I was well structured in an efficient and effective manner, which led to a successful fund-raise. The success of IMM Global Battery Fund I has set a great precedent for more fund launches in the IMM Global Battery Fund series, with the next fund expected to hit the market as soon as this year”, said Kustin Lee, Managing Partner and CIO, IMM Global.
Dechert has one of the largest investment fund practices in the world, supporting clients throughout the entire fund lifecycle, from development and formation, to marketing, operations and transactions. It advises across the full range of mainstream and alternative asset classes and strategies, representing some of the world’s largest fund managers, as well as small- and mid-size managers.
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Dechert is a leading global law firm with 22 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.
