South Korean venture capital firm Company K Partners said Monday it has launched a 124 billion won ($101.7 million) vehicle that targets startups at the later stage of growth, bringing its assets under management to over 560 billion won.

The vehicle, dubbed Company K High Growth Fund, is backed by major institutional investors including Korea Teachers’ Credit Union and Korea Scientists & Engineers Mutual-aid Association; state-owned risk capital firm K-Growth, as well as Company K’s own 10 billion won.

Company K seeks to raise up to 150 billion won for its final close. The vehicle has a maturity of seven years.

This will become Company K’s 20th vehicle and add to its 440 billion won assets under management, according to the investment house.

Founded in 2006, Company K has invested in equities of some 340 portfolios both at the early stage and later stage, including Zigbang, Ridibooks, Rainist and Carver Korea, as well as commercial films including the Oscar-winning “Parasite.”

By Son Ji-hyoung (consnow@heraldcorp.com)