이 기사는 2021년 06월 15일 08:14 thebell 에 표출된 기사입니다.

Global private equity (PE) firm TPG has continued its strong relationship with South Korean internet giant Kakao by making a series of investments.

TPG has recently invested about $117 million (130 billion won) in Kakao Mobility, according to industry sources. TPG acquired a 30% stake in Kakao Mobility for 500 billion won in 2017. U.S. PE firm Carlyle Group also invested $8.2 million in the company this time after injecting 220 billion won in February.

TPG, which hit the jackpot by investing in American ride-hailing company Uber, saw growth potential in Kakao’s mobility business, which has already built a strong platform.

Kakao, which was seeking to raise funds, selected TPG as its partner even if the PE firm had no track records in the domestic market.

TPG believed Kakao needs restructuring to grow its mobility business. Kakao Mobility officially took off as an independent subsidiary of Kakao, bringing together the tech giant’s key transportation services under one company. Kakao Mobility oversees its taxi-hailing app Kakao Taxi, chauffeur app Kakao Driver and mobile navigation app Kakao Navi.

After that, Kakao Mobility has raised a total of approximately 920 billion won from various companies including Google.

TPG acquired a 65% stake in Moleem for 360 billion won in 2017. It acquired Health Balance for 290 billion won at the end of 2019. However, the PE firm has failed to build more track records in South Korea as it failed to win bidding wars for Daesung Industrial Gases, Linde Korea, Tailim Packaging, JTBC Studios, and JobKorea.

Instead, TPG invested 250 billion won in the Kakao Bank’s rights offering in the second half of last year. This was the only investment the PE firm made in 2020.

Kakao Mobility is also the only investment TPG has made in the first half of this year. Kakao accounts for 57% of TPG’s entire investments in the country. (Reporting by Se-hun Jo)