A private equity consortium consisting of Baring Private Equity Asia, Affinity Equity Partners, IMM Private Equity and the Government of Singapore Investment Corporation, Singapore’s sovereign wealth fund, has purchased a 24 percent stake in South Korea’s Kyobo Life Insurance from Daewoo International Corporation. The transaction is valued at KRW1.2 trillion (approximately US$1.06 billion). The consortium of investors will become the second largest shareholding group in Kyobo Life Insurance after a local South Korean family that owns 40 percent of the company.