This article was posted on the ChosunBiz MoneyMove (MM) site at 6:28 a.m. on Dec. 1, 2025.
Signs of conflict are emerging between private equity firm Partner One Investment, which joined forces in 2017 to acquire HANCOM LIFECARE, and HANCOM. The two appear to be at odds as investment losses materialized after HANCOM LIFECARE's share price continued to fall following its listing.
On the 1st, investment banking industry sources said Partner One Inve recently filed an application for provisional disposition seeking inspection and copying of HANCOM LIFECARE's accounting books. Partner One Inve is reported to have retained lawyers specializing in financial regulation and M&A. HANCOM LIFECARE said it plans to respond through legal procedures.
In 2017, HANCOM acquired HANCOM LIFE together with STIC Investments and brought in Partner One Inve as a financial investor (FI). HANCOM and STIC Investments each contributed 80 billion won and added a 40 billion won bridge loan to raise acquisition funds, and Partner One Inve joined during the process of converting the bridge loan into equity.
Early last year HANCOM sought to sell HANCOM LIFE's management rights by pooling shares held by STIC Investments and Partner One Inve. BDA Partners was appointed as the sell-side adviser. At the time, the stakes for sale totaled about 70%, including HANCOM's 36.13%, STIC Investments' 22.5% and Partner One Inve's 11.29%. However, after the listing the company's results and share price continued to fall, producing differences of opinion over potential buyers and company value, and the sale process was delayed indefinitely.
STIC Investments withdrew from the joint sale and sold its shares independently. The first special situation fund (SSF) used for the HANCOM LIFE investment was reaching maturity, and it judged it could not delay the sale any further. In the end, STIC Investments recovered a total of 78.1 billion won, including the sale of existing shares at HANCOM LIFE's listing. Although it did not reach the principal, the first SSF fund had already achieved a record return, which reduced the burden.
Partner One Inve, by contrast, chose to stay with HANCOM aiming for a control premium. It mattered that this was the firm's first investment and that it put money into a project fund. An industry source said STIC Investments could spread risk across multiple portfolios using blind funds, whereas Partner One Inve could invest only in the single stock of HANCOM LIFE, so it likely faced greater pressure on returns.
At the time of the 2021 listing, Partner One Inve sold 1,844,979 of 4,969,068 shares as existing shares, recovering 25.3 billion won. It now holds 3,124,089 shares, worth about 8.2 billion won based on the closing price of 2,640 won on the 28th. HANCOM LIFE's market capitalization plunged 81.3%, from 391.4 billion won at listing to 73.1 billion won.
The industry sees this provisional disposition filing as the opening salvo in a battle over management rights. A legal sector source said shareholders owning 3% or more have the right under the Commercial Act to request inspection of accounting books, and a company cannot refuse without justifiable reason, noting that using a legal measure such as a provisional disposition suggests the trust between them has already broken down.