The payments company is expected to be valued between $3 to $4 billion in the Advent-sponsored continuation fund.
The Seoul-based manager is reportedly targeting a year-end close for the $1.3 billion vehicle, with capital being sought from international and domestic investors.
The deal provided Sumer with fresh acquisition capital and included a debt refinancing backed by Ares, BlackRock, Pemberton, and Investec.
The reported deal comes four years after IQ-EQ was transferred into a €1.3 billion CV and follows indications in January that Astorg was considering a sale.
The transaction allows AE Industrial to retain its investment in a defense components distributor, while providing fresh capital for organic growth and potential acquisitions.
Last year, AEA's private debt platform completed its first continuation vehicle, a roughly $550 million transaction led by Carlyle AlpInvest.
GIC is reportedly a prospective investor in the continuation fund, which values the South Korean gas manufacturer at $3.18 billion, up 13.5% from 2023.
The FTSE 250-listed private equity fund is selling partial interests in five Oakley funds at a 5.75% discount to their March 31 carrying value.
The GP-led deal included senior secured loans to more than 60 US lower-middle-market companies from two Tree Line direct lending funds.
