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GS Group to create fund to secure growth engines Major affilates are likely to invest in a fund worth less than 1 trillion won

Translated by Kim So-in 공개 2019-10-16 08:00:00

이 기사는 2019년 10월 16일 08:00 더벨 유료페이지에 표출된 기사입니다.

South Korea's eighth largest conglomerate GS Group plans to create a fund.

According to a source familiar with the matter on October 8, GS Holdings, GS Group's holding company, plans to set up a fund worth less than one trillion won and made a request to its major affiliates including GS Energy and GS Retail to invest in certain amount of money. The latest fund will be led by GS Holdings with affiliates of GS Group participate as limited partners (LP). It is the first time individual affiliate chips in for a fund in an attempt to secure new growth engines.

"Recently GS Group has been agonizing over how to find new growth engines," said one source familiar with the matter. GS Energy, GS Retail, GS E&R, GS Sports, GS Global, GS HomeShopping, GS EPS will likely invest in the fund.

"It has been very hard for affiliates of GS Group to share the same goal. It looks the company made the decision as it has found itself at risk, having difficulties finding new growth engines," said other source familiar with the matter.

Many market watchers view the GS Group's businesses are 'stable but not promising.' Even though GS Group does run major businesses like community energy service and refinery, the company doesn't have other breakthroughs for the future compared to other conglomerates in the country.

LG Group and SK Group are betting on electric vehicle batteries and Hanwha Groups is investing heavily in solar energy business. According to the Fair Trade Commission's list of Korea's largest business groups, GS Group moved down by on notch to eighth place this year, while Hanwha Group moved up by one to the seventh place.

"It is true that GS Group is mulling over the creation of the fund, but nothing has been decided yet," said one market watcher.

(By reporter Park Ki-soo and Lee Myeong-kwan)

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