This article was published on July 2, 2025, at 5:48 p.m. on the ChosunBiz MoneyMove site.
As Taekwang Group's affiliate private equity fund management firm enters the acquisition battle for Aekyung Industrial, it appears that the influence of former Chairman Lee Ho-jin and his son over the private equity is quite significant.
It is known that funds from affiliates such as Taekwang Industrial will flow into the private equity. In other words, the private equity, under the influence of the owner family, is trying to acquire Aekyung Industrial and others by receiving money from Taekwang affiliates. If the fund is expanded in this way, the former chairman will be able to complete the succession of management using company funds.
According to the investment banking industry on the 2nd, Taekwang Group's 'T2 Private Equity (PE)', established in January this year, has recently formed a consortium with Yuanta Investment and has been selected as a qualified candidate (short list) in the acquisition of Aekyung Industrial. In addition to the T2 PE consortium, it is reported that Anchor Equity Partners, Paul Capital Korea, and a consortium led by Japan's Lion Corporation have also made the short list.
T2 PE holds a significant stake from former Chairman Lee Ho-jin. The largest shareholders are T1 and Taekwang Industrial, each holding 41%, while Lee Hyun-jun, the eldest son of the former chairman, holds 9% and the eldest daughter, Lee Hyun-na, also holds 9%.
T1 is a company in which Lee Hyun-jun owns an 11.3% stake. Therefore, Lee Hyun-jun indirectly holds a total of 13.6% in T2 PE. The stake held by former Chairman Lee Ho-jin is about 13.8%.
T2 PE is a company established with a paid-in capital of 500 million won. However, the total capital is 10 billion won. It appears that 10 million shares with a par value of 5,000 won were issued at 100,000 won per share to secure 10 billion won, and the remaining 9.5 billion won after deducting the paid-in capital was recorded as capital surplus. The capital surplus can be used as the investment for the private equity management firm (general partner commitment).
T2 PE is expected to promote the acquisition of Aekyung Industrial by gathering external investments in addition to the funds from shareholders such as Taekwang Industrial and T1. There is also a possibility that funds from Taekwang Group's affiliated insurance companies, Heungkuk Life Insurance, Heungkuk Fire & Marine Insurance, and Kookmin Savings Bank, will be mobilized.
A source in the investment banking industry noted, "However, finding limited partners (LP) for project funds these days is almost like picking stars from the sky," adding that "the difficulty of fundraising will vary depending on how attractive the Aekyung Industrial asset is."
He added, "In this case, Taekwang Industrial and other financially strong affiliates have no choice but to invest more money."
Currently, Trustone Asset Management, the second largest shareholder of Taekwang Industrial, is reviewing whether there are any issues with T2 PE's attempt to acquire Aekyung Industrial. A Trustone official said, "If Taekwang Industrial truly wants to acquire Aekyung Industrial, why don't they just do it directly?" He indicated that it may be interpreted as the intention to give money to a private equity fund with significant influence from the owner family to facilitate the acquisition of Aekyung Industrial and channel the profits back to the private equity fund.