This article was published on July 31, 2025, at 2:40 p.m. on the ChosunBiz MoneyMove website.
The venture capital firm UTC Investment, owned by the owners of the Daesang Group, was sold to the private equity firm Forest Partners. This transaction reportedly took place discreetly after negotiations between the owners of the two companies.
While the sale price of UTC Investment has not been disclosed, conservative estimates suggest it exceeds 40 billion won and may approach 50 billion won. The proceeds from the sale will go to Lim Sang-min, the second daughter of the Daesang Group, who held 100% equity. If Vice President Lim intends to use the funds from this equity sale to strengthen her control over the group, it has been calculated that she could acquire an additional 10% or more in Daesang Holdings.
According to the investment banking (IB) industry on the 31st, Vice President Lim recently signed a stock purchase agreement (SPA) to sell 100% equity of UTC Investment to Forest Partners. UTC Investment is expected to become a wholly owned subsidiary of Forest Partners in the future.
This M&A was conducted under strict security measures. Reports indicate that current management at UTC Investment was only recently notified of the change in majority shareholders.
The transaction was reportedly led by Vice President Lim and her husband, Kook Yu-jin, who is the representative for Blackstone's Korea private equity sector. Kook is well-known for having close ties with the management of Forest Partners. UTC Investment and Forest Partners previously co-acquired the American logistics company Traffix for about 340 billion won in 2023, during which time Kook reportedly drove the deal using his global network.
UTC Investment is a mid-sized VC with assets under management (AUM) exceeding 800 billion won, but in terms of governance, it has a strong characteristic of being Vice President Lim's 'personal investment company.' The company traces its roots back to Samseung Investment Consulting, established in 1988 by Honorary Chairman Lim Chang-wook with personal funds, and later, Honorary Chairman Lim transferred all equity to his second daughter.
The sale price of UTC Investment has not been disclosed. However, considering the total capital (net asset value) and formulas used to calculate the corporation's value, it is estimated that Vice President Lim has secured at least 40 billion to 50 billion won in cash.
The net asset value of UTC Investment is 32 billion won. According to industry sources, if a VC is actively managing a fund with high expectations for performance fees, a premium of 1.5 to 2 times could be added to the net asset value. In the case of DSC Investment, a large corporation listed on the domestic stock market, the price-to-book ratio (PBR) is around 1.6 times. Applying this to UTC Investment suggests it could have been valued at a minimum of 48 billion won to a maximum of 64 billion won.
The value of a VC's corporations is also based on assets under management (AUM). It is typically known to be around 2 to 5% of AUM. Given that UTC Investment's AUM is said to be around 800 billion won, applying 5% suggests a corporations value of approximately 40 billion won.
The reasons behind Vice President Lim suddenly selling her personal investment VC are not known. However, some in the industry view her sale of the VC as connected to the Daesang Group's succession structure.
Currently, Vice President Lim holds 36.7% equity in Daesang Holdings, while her sister, Lim Se-ryung, holds 20.4%. Honorary Chairman Lim Chang-wook has 4.09%, their mother, Vice Chairwoman Park Hyun-joo, holds 3.87%, and the Daesang Cultural Foundation has 2.22%.
In equity terms, Vice President Lim significantly outpaces her sister, but there are discussions in the business circle that the succession structure of the Daesang Group cannot yet be guaranteed. This is because Vice Chairwoman Lim has achieved tangible results, such as expanding the meat business, since participating in group management in 2010. The sisters both were promoted to executive directors in 2016, but afterwards, in 2021, Vice Chairwoman Lim rapidly advanced to become the strategic vice chairperson, surpassing her sister.
In this situation, if Honorary Chairman Lim Chang-wook and his wife were to gift shares of Daesang Holdings to their eldest daughter, Vice Chairwoman Lim would exceed 28% in equity. Depending on the direction of other shareholders (29%), it is possible that Vice Chairwoman Lim could surpass her sister's equity ratio. With the Daesang Group's total asset value recorded at 4.4 trillion won as of the end of the first quarter, it is likely that the sisters' equity ratios will play a crucial role in determining the group's overall control.
If Vice President Lim uses the money obtained from this VC sale to acquire additional equity in Daesang Holdings, simple calculations estimate that the additional equity she could acquire would amount to approximately 11 to 13%.