This article was published on the ChosunBiz MoneyMove (MM) site at 5:33 p.m. on Sept. 29, 2025.
UAMCO's participation in Korea Asset Management Corporation (KAMCO)'s corporate restructuring fund general partner (GP) investment project has drawn complaints from private equity fund (PEF) managers who applied with UAMCO, who say they expected UAMCO to act as a limited partner (LP) but now must compete with it.
On the 29th, people in the investment banking (IB) industry said UAMCO teamed up with PEF manager Melon Partners to apply for KAMCO's 'corporate restructuring fund No. 6' in the 'concentrated investment in key industries' category. KAMCO will select one manager in the concentrated investment in key industries category and three managers in the small category and invest a total of 300 billion won.
Nine other PEF managers jumped into this investment project besides UAMCO, and some voiced displeasure at UAMCO's participation. The main complaint is that UAMCO, though a private corporation established with bank capital, should act as an LP for the corporate restructuring fund rather than as a GP competing with managers.
An IB industry official said, "UAMCO, which should be creating a master fund and providing seed money, has come down to a subfund and is competing with private managers," and added, "Given the information gap between UAMCO and private managers, fair competition will be difficult."
In response to such complaints, UAMCO said acting as a GP is part of its core duties. A UAMCO official said, "UAMCO has revived multiple companies such as K-Ship through investments in restructuring as a GP," and added, "We have never been an LP, so it is hard to understand expectations that we should act as an LP."
He added, "Since 2015 we have invested more than 1 trillion won in restructuring companies, and as a GP we have fulfilled our role by investing in companies that private capital finds difficult to approach," and said, "The public offering we applied for this time is also funds to invest in companies that would be harmed by tariff negotiations with the United States."
KAMCO, which is running the investment project, also said there is no problem with UAMCO's participation. A KAMCO official said, "UAMCO's role itself is to actively participate in creating subfunds," and added, "Because UAMCO is a private corporation established with bank capital, there is no issue."
UAMCO's GP participation comes after six years. In 2019 it was selected as a manager of Korea Growth Investment Corporation (K-Growth)'s corporate restructuring fund together with Keystone Private Equity and formed a blind fund of 100 billion won. UAMCO has chosen to co-manage funds with PEF managers to nurture restructuring investors in the private capital market.
UAMCO was established in 2009 with capital from commercial banks to handle nonperforming loans (NPLs). In 2015 financial authorities gave it a corporate restructuring function. Shareholders include Korea Development Bank, The Export-Import Bank of Korea, NongHyup, Shinhan Bank, Woori Bank, Hana Bank, Industrial Bank of Korea, and Kookmin Bank. Major investee companies include STX Engine, Pulmuone, Plantech, K-Ship, and ALMAC. As of the first quarter of this year, the balance of corporate restructuring investments was about 2.2 trillion won.