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.
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 oversubscribed vehicle holds 134,000 net royalty acres in the Permian Basin, generating approximately 37,000 barrels of oil equivalent per day.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
GCM Grosvenor, Ardian, StepStone, North Hudson Resource Partners, and Phoenix Insurance anchored the single-asset vehicle for energy infrastructure company Next Wave.
The continuation fund will reportedly have its largest exposure to TikTok's parent, ByteDance, alongside Ant Group.
The oversubscribed vehicle for the mass transit operator was backed by Australian superannuation funds and international institutional investors.
The Jefferies-advised deal extends the firm's ownership over a portfolio of properties from its 2015-vintage White Rock Fund II platform.
The vehicle involves a portfolio of Bakken oil and gas properties previously held in the manager's 2014-vintage Fund III.
In parallel, the firm's stakes in industrial gas supplier AirFirst will reportedly move into the open-ended fund via a continuation fund structure.
