Glenwood Private Equity (PE), a domestic private equity fund manager, successfully liquidated its first blind fund (a fund with no predetermined investment targets). The annualized internal rate of return (IRR) recorded was 29%.
According to the investment banking (IB) industry on the 15th, Glenwood PE completed the liquidation procedures for the 'Glenwood Korea No. 1 Private Investment Limited Partnership' the previous day. This fund, established in 2018 with a size of 450 billion won, received investments from major domestic limited partners (LPs) including the National Pension Service, the National Teachers' Pension, and NongHyup.
Through its first fund, Glenwood PE invested in ▲marine energy and Seorabeol City Gas ▲Korea Glass Industry (now LX Glass) ▲SKC Kolon PI (now PI Advanced Materials) ▲CJ Olive Young, among others. With the exception of Olive Young, the investments were made through a buyout structure.
In 2021, a second fund was established with a size of 900 billion won. This fund invested in ▲CJ Olive Young ▲LG Chem's diagnostics division (now InVitroS) ▲SK PiyuCore ▲Techro Environmental Services, among others. Based on the results so far, it is expected that this year, a third blind fund will be established.
Established in 2014, Glenwood PE is a fund manager with strengths in carve-out transactions, which involve the physical division and sale of specific corporate segments. The cumulative assets under management (AUM) exceed approximately 3 trillion won. The firm is led by co-founders CEO Lee Sang-ho, Vice President Jeong Chan-wook, and Vice President Jeong Jong-woo, among partners.