Vogo to exit BC Card

The Korean buyout firm is looking to sell its 30.7% stake in the credit card company to telecommunications company KT Corporation.

Seoul-based private equity firm Vogo Fund is looking to exit its 30.7 percent stake in credit card company BC Card.

A source told PE Asia that the firm is in talks with Korean telecommunications company KT Corporation about the sale.

Vogo declined to comment and KT Corp could not be reached by press time.

In February, KT Corp acquired a 20 percent stake in BC Card from Woori Bank and a 13.85 percent interest from Shinhan Card for a total of KRW231.6 billion (€149 million; $210 million). The company became the largest shareholder after the acquisition.

Vogo bought its stake in BC Card, Korea’s biggest credit card company by membership, for KRW200 billion in December 2009. The investment was made from the firm’s maiden fund, which raised KRW500 billion domestically and $120 million overseas in 2005. The fund is now fully deployed across five investments.

Vogo is currently looking to raise a second fund with a target of $600 million to $800 million. About 50 percent of the fund will be raised from international investors.

In November last year, Vogo hired Byung-Moo Park, former senior partner at law firm Kim & Chang, as managing partner. Park previously served as senior advisor and subsequently managing director at Newbridge Capital, the Asian affiliate of TPG Capital which was brought under the TPG umbrella in 2006.