This article was displayed on the ChosunBiz MoneyMove (MM) site at 1:16 p.m. on Jan. 7, 2026.
Domestic private equity fund (PEF) manager Daishin Private Equity (Daishin PE) is stepping in to support VIG Partners' bid to acquire LG CHEM's aesthetics division. Since co-investing with VIG Partners in the aesthetic medical device company Viol, Daishin PE has been keeping pace day after day.
According to the investment banking (IB) industry on the 7th, Daishin PE plans to invest 22 billion won as a mezzanine investor in the special purpose company (SPC) that VIG Partners is creating to acquire LG CHEM's aesthetics division.
In investment structures using an SPC, mezzanine generally offers a higher return than senior loans and lower risk than common stock (equity). It is a typical mezzanine investment method that fits the demand of institutional investors seeking medium risk and medium return based on stable cash flows.
Daishin PE plans to fully fund this investment using Daishin Co-Investment 2022 No. 2, a co-investment fund formed with Korea Post. The fund was created in 2022 at a size of 250 billion won.
Daishin PE focused on the growth potential of the aesthetic medical device industry and the global expansion prospects of LG CHEM's aesthetics division. It judged that the market has significant scalability because the division handles fillers, Botox, and skin boosters.
The aesthetics division's annual revenue is slightly below 100 billion won, but EBITDA is known to be around 30 billion won. The division holds products including its flagship hyaluronic acid filler brand "Yvoire."
Daishin PE employs an investment strategy of co-investing in control acquisitions by major PEF managers. It also coordinated with an 80 billion won co-investment in VIG Partners' acquisition of Viol. In Aug. last year, VIG Partners conducted a tender offer for aesthetic medical device corporations Viol, which had been listed on KOSDAQ, and voluntarily delisted it.
In Aug. last year, VIG Partners signed a stock purchase agreement (SPA) to acquire LG CHEM's aesthetics division for 200 billion won and has been expanding its aesthetic medical device portfolio for a bolt-on strategy. After acquiring Ultrav, a filler and skin booster specialist corporations, it is also pursuing the acquisition of ATGC, a botulinum toxin (Botox) manufacturer.