이 기사는 2020년 03월 12일 08:00 thebell 에 표출된 기사입니다.

South Korea’s private equity (PE) firm Q Capital Partners starts to create its new blind-pool fund as it has used up more than 60 percent of its exiting blind-pool fund.

According to investment banking (IB) industry sources on March 9, Q Capital is planning to create a blind-pool fund worth at least 250 billion won. The PE firm has finalized its investment in Seoul Pharma on February 28 which made the firm use up more than 60 percent of its exiting blind-pool fund one year after its inception.

Q Capital was selected as Korea Development Bank (KDB)’s mid-cap league external manager and received 120 billion won to create its blind-pool fund in June 2018. The fund closed in March 2019 with capital commitments of about 300 billion won and 185 billion won (around 62 percent) of its capital was deployed for four investments.

Starting with its participation in the KDB’s investment project at the beginning of this year, the PE firm is planning to accelerate the fundraising for its new blind-pool fund with its deal sourcing capability.

Q Capital made its first investment via its existing blind-pool fund in the country's leading fried chicken franchise operator BBQ. The PE firm and KB Securities jointly took over a 30 percent stake in the company for 60 billion won from BBQ’s parent company Genesis and Chairman Yoon Hong-keun. The PE firm also bought 60 billion won worth exchangeable bonds (EB) to convert the bond for the stock of the company and raise its stake in the company later. Q Capital financed 60 billion won via its blind-pool fund and the remaining amount was funded via acquisition financing provided by KB Securities.

Then the PE firm acquired a 70 percent stake in lumber companies K-One, K-One Forestry, and K-One Timber for 49 billion won.

Q Capital bet 20 billion won on Kakao VX, a subsidiary of the country’s internet giant Kakao, last month. Kakao VC issued 20 billion won worth of redeemable convertible preference shares (RCPS) which the PE firm acquired. The anticipated shareholding is estimated at around 17 percent when converted. Q Capital also invested 60 billion won in Seoul Pharma last month to take over a 44.68 percent stake for 45 billion won and convertible bonds worth 15 billion won.

Separately, Q Capital is jointly managing Korea Growth Investment Corp. (K-Growth)’s Corporate Restructure Fund with Woori Private Equity. The fund with 155 billion won in assets has Star Collabo as its portfolio company.

(By reporter Kim Hye-ran)