BDA advises Tcha Partners on forming ESG Public Mobility continuation fund

BDA Partners (“BDA”) is pleased to announce that its client TPAM (Tcha Partners Asset Management) has successfully closed the ESG Public Mobility Private Equity Fund. The transaction consolidates 16 quasi-public bus operating companies across Seoul, Incheon, and Daejon into a single investment platform.

This represents Korea’s first GP-led continuation fund involving an existing GP and a newly introduced co-GP.

BDA acted as exclusive financial advisor to TPAM, identifying and introducing Greenwich PE as strategic co-GP, supporting fundraising with new LP investors, and facilitating the continuation by existing investors.

TPAM pioneered institutional investment in Korea’s quasi-public bus sector. TPAM has built the market-leading platform through a disciplined buy-and-build strategy since 2019. The KRW380bn (US$250m) transaction consolidates legacy fund vehicles into a single platform sponsored by TPAM together with Greenwich Private Equity as co-GP. The platform acquired the underlying bus operating companies through a combination of acquisition financing, new third-party capital commitments, and rollover re-investments from existing investors in the legacy funds.

The platform will continue to operate under Korea’s quasi-public bus system, providing resilient, infrastructure-like cash flows, supported by government-regulated cost recovery and returns. TPAM and Greenwich intend to continue expanding the platform through operating improvements and selective growth initiatives.

Howard Lee, Partner and Head of BDA Seoul, said “We’re delighted to have advised TPAM on this landmark transaction. The successful continuation fund required coordination among existing and new investors, financing providers, and the newly introduced co-GP. We’re proud to have played an active role in bringing the parties together into a single integrated structure. That outcome reflects the trust our client placed in BDA’s ability to navigate a complex, multi-stakeholder process.”

Paul DiGiacomo, Managing Partner and Head of Financial Sponsors, BDA, added, “We worked closely with our client to architect a capital structure and investor narrative that is compelling across a range of exit scenarios, whether through secondary PE sale, sale to a listed infrastructure fund, or direct conversion to a public-listed vehicle. The successful close of this fund reflects that groundwork. The transaction represents one of the first GP-led secondary / continuation fund structures in Korea, highlighting the sophistication of the Korean private capital markets. It’s a privilege to be part of this journey.”