PwC provided due diligence services on multiple hedge funds

Following the PwC Korea deal team's successful delivery of financial due diligence service on a hedge fund for the first time in the FDD history in Korea starting with the infamous Lime Asset Management ("Lime") fraud scandal (once the nation's biggest hedge fund behind a 1.7 trillion won fund fraud scandal which has shaken the domestic capital market in 2019), PwC has developed its expertise in fund due diligence and established a track record by providing financial due diligence for Optimus Asset Management and Italian Healthcare Fund. 

For Optimus Asset Management, the deal team collaborated with PwC forensics specialists who have provided a methodology to establish an effective review platform using forensic technology to collect and analyze electronic data to identify digital evidence which was later applauded by domestic investigative agencies. 

Through continued communication with Asset Management firms, Financial regulatory authorities and supervisory agencies, PwC Korea has broaden its expertise on fund related projects including due diligence and valuation services on alternative investments and not limited to funds with suspensions of redemptions. 

The PwC team advising on the deal was led by Byung-Guk Kim and Dug-Eun Yoon.PwC Korea Deal team conducted financial due diligence on a hedge fund for the first time in FDD history. It was right after financial fraud of Lime Asset Management('Lime") occurred and caused a great stir in the domestic capital market in 2019. Lime was accused of alleged cover-up of massive losses and subsequent suspension of fund redemption worth an estimated 1.6 trillion won.

Since the team set a foot in conducting financial due diligence in a hedge fund, it continued to develop its expertise in conducting due diligence in various funds. For Optimus Asset Management, the deal team collaborated with forensics team to collect electronical evidence and review platforms thoroughly which was later appraised by investigative agencies.

We have expertise in carrying out due diligence not only on project related to redemption suspended fund but also valuation of normal alternative investment funds. 

The Deal team was led by Byung-Guk Kim and Dug-Eun Yoon.