L Capital Asia to Invest up to US$80 Million in YG Entertainment (Asia)
Source: Reuters | Author(s): Joyce Lee
L Capital Asia, the private equity fund sponsored by global luxury goods distributor LVMH Group, Groupe Arnault and YTL, will invest up to US$80 million in South Korea-based talent agency YG Entertainment. L Capital Asia will invest KRW61 billion (approximately US$60 million) in new preferred shares of YG and is in talks to buy another US$20 million in shares from Yang Hyun-suk, the former pop star who founded YG and is its largest shareholder. YG, which manages pop performers including South Korean rapper Psy, is expected to enter the fashion and cosmetics sectors.