This article was displayed on the ChosunBiz MoneyMove (MM) website at 3:02 p.m. on Jan. 29, 2026.
Corsair Capital, which holds about 10% equity in Kyobo Life Insurance, increased and refinanced a 860 billion won stock-collateral loan it executed last year. As Corsair is classified as a financial investor (FI) that has maintained a friendly relationship with Chairman Shin Chang-jae of Kyobo Life Insurance, it is expected to keep the current alignment for the time being and support stabilizing management control centered on Shin.
According to the investment banking (IB) industry on the 29th, Corsair Capital recently slightly increased its 860 billion won bridge loan and refinanced it into a roughly 900 billion won, two-year maturity loan. Shinhan Investment & Securities, Meritz Securities, Hana Securities, Daishin Securities, and Korea Investment & Securities Co. participated as lead managers. The interest rate was set at 5.6% per year.
Corsair Capital in Mar. last year took out a 860 billion won stock-collateral loan backed by 9.79% equity in Kyobo Life Insurance. It was to repay capital to limited partners (LPs). The interest rate was 5.5% and the maturity was one year.
In this refinancing, the term loan (main loan) amount decreased. However, to fund interest costs and other operating capital, a revolving credit facility (RCF) was additionally opened, resulting in the total loan amount increasing to a level close to 900 billion won.
An IB industry official said, "Until last year, we had to rely on short-term bridge loans due to legal uncertainties surrounding Kyobo Life Insurance, but this year the market's view is that a substantial portion of the risks has been resolved."
Corsair Capital is a U.S. private equity fund that is both a major shareholder of Kyobo Life Insurance and counts Kyobo Life Insurance as a major LP. Back in 2007, it acquired 4.51% equity in Kyobo Life Insurance from Japan's SBI Holdings, and later raised its stake to 9.79% through a paid-in capital increase.
When the other shareholder, the Affinity Equity Partners consortium, exercised a put option (the right to sell back shares at a specified price) against Chairman Shin in 2018 and started a "mud fight," Corsair Capital sided with Shin. The latest refinancing also suggests that Corsair Capital is placing more weight on enhancing long-term corporate value by maintaining its partnership with Shin rather than on short-term cash recovery, according to the industry's interpretation.
Shin is winding down existing disputes through friendly FIs and accelerating management tasks such as converting to a holding company structure and an initial public offering (IPO). Last year, Japan's SBI Holdings returned as the second-largest shareholder. Currently, Shin and related parties hold 34.96% equity, and both SBI Holdings (20.4%) and Corsair Capital (9.79%) are categorized as friendly shareholders to Shin.