Private equity fund (PEF) management firm Forest Partners is acquiring the venture capital (VC) firm UTC Investment.
According to investment banking (IB) industry sources on the 30th, Forest Partners recently signed a stock purchase agreement (SPA) to acquire 100% of UTC Investment's equity.
All the equity owned by Clinical Min, the vice president of the Daesang Group, is subject to the transaction, but the size of the deal has not been disclosed.
UTC Investment is considered a leading mid-sized VC in Korea with assets under management (AUM) of approximately 800 billion won. Established in 1988 as Samseung Investment Consulting, it became a subsidiary of the Daesang Group when Honorary Chairman Im Chang-wook acquired it with personal funds in 1996.
Since then, Honorary Chairman Im transferred all his equity in UTC Investment to Vice President Im in 2016, making Vice President Im the largest single shareholder.
In the meantime, the Daesang Group has been supporting the growth of UTC Investment as an investor in its venture funds, but it is reported that they decided to proceed with this sale considering further expansion in the venture investment market.
Forest Partners is expected to strengthen its venture investment institutional sector based on the acquisition of UTC Investment.
Forest Partners, a PEF management firm established by CEO Han Seung in 2016, formerly of BRV Capital Management, has also increased its presence in the venture investment market by investing in deep tech startups like FADU.