This article was published on Aug. 25, 2025, at 1:45 p.m. on the ChosunBiz MoneyMove website.
Domestic private equity fund management firms Stonebridge Capital (hereinafter Stonebridge), Daishin Private Equity (hereinafter Daishin PE), and SKS Private Equity (hereinafter SKS PE) have recovered all investments in electric vehicle parts company Corens EM. Despite concerns about the electric vehicle chasm (temporary demand slowdown), they successfully recouped investments related to the industry.
According to the investment banking (IB) industry on the 25th, Stonebridge, Daishin PE, and SKS PE have recovered the total amount including interest on the funds of 90 billion won they invested in Corens EM's convertible bonds (CB) on the 11th. They have been evaluated to have achieved solid performance with an internal rate of return (IRR) exceeding 15%.
Stonebridge and Daishin/SKS PE each invested 50 billion won and 40 billion won, respectively, in the electric vehicle parts company Corens EM in December 2023. Both management firms utilized blind funds. Stonebridge conducted investments from its second blind fund established in 2023, while Daishin PE and SKS PE made investments from the jointly created Innovation Fund.
The investment structure involves purchasing CBs issued by Corens EM, amounting to approximately 90 billion won. The nominal interest rate is 4%, and the guaranteed yield to maturity is 15%. The maturity date is Dec. 22, 2028. The conversion request period was from October 2026 until the last business day before the maturity date. Investors included conditions for early repayment requests such as qualified public listing (Q-IPO), new orders, target order amounts, and target performance.
The primary reasons that Stonebridge and Daishin/SKS PE invested in Corens EM were the expected expansion of the electric vehicle market and new orders from global big tech corporations. It is interpreted that increased concerns about the electric vehicle chasm and the failure of new orders led to an acceleration in the recovery timing. Thanks to several safety measures, they smoothly recovered their investments.
Corens EM started as an automotive parts company in 2019 and has focused on the development and manufacturing of powertrains, which are electric vehicle drive motors, for about three years. To produce electric vehicle parts, they constructed a factory for core electric vehicle components, including powertrains, on approximately 99,000 square meters of land in the Busan Mi-eum Industrial Complex. However, there are currently no notable order achievements.