Mirae Asset targets $72M for its fourth IMA fund

What's the deal? Mirae Asset SecuritiesDealroom has a profile for this one. Try Dealroom → has launched its fourth integrated managed account (IMA) product, aiming to raise 100 billion won ($72 million) from long-term investors. Subscriptions for "Mirae Asset IMA No. 4," a three-year performance-based product, run through August 27, with a minimum entry of 1 million won.

The details: The product pays returns tied to management results, with Mirae Asset bearing the obligation to repay the principal. Sales will close early on a first-come, first-served basis once the cap is reached.

What's the endgame? The fund pursues stable interest income through interest-bearing assets while chasing extra returns from global innovative companies and mezzanine instruments. Its main assets include public and private corporate bonds, acquisition financing, accounts-receivable securitization loans, convertible and exchangeable bonds, and redeemable convertible preferred shares in unlisted firms.

Why now? Mirae Asset raised the benchmark return — the hurdle for performance fees — to 5% a year from 4%, citing rising market interest rates and the Monetary Policy Board's decision to lift the base rate. A performance fee of 40% applies to returns above the benchmark, though that figure is not a target and may vary with how the fund is managed.

The signal: With products No. 1 through No. 3 all sold out, Mirae Asset is leaning on strong demand to widen its IMA range. "We will strengthen the competitiveness of our products by using a range of investment assets and management strategies," a company official said.

Read more: Seoul Economic Daily

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