Asia-focused private equity fund manager Affinity Equity Partners, along with BRV Capital Management, an affiliate of U.S.-based venture capital firm BlueRun Ventures, has agreed to invest more than KRW1 trillion (approximately US$938 million) in the e-commerce operations of Korea-based retail conglomerate Shinsegae Group. The deal will spin out the online retail operations of the conglomerate’s Shinsegae Mall and E-mart Mall businesses into a new e-commerce unit. Separately, Affinity has agreed to acquire Trimco International Holdings, a Hong Kong-based manufacturer of garment labels, tags and trimming products, from global private markets investment manager Partners Group for US$520 million. Partners Group originally acquired Trimco in 2012.