This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:17 p.m. on Feb. 6, 2026.
Samchully Asset Management appears to be moving to exit about six years after acquiring eco-friendly energy corporations UNISON. The investment, initially seen as a cut-loss step, found a lifeline last year thanks to a refinancing of convertible bonds (CB).
According to the Financial Supervisory Service's electronic disclosure system on the 6th, Anemoi, the largest shareholder of UNISON, sold all of its 17th CB holdings to Myeongun Industrial Development for about 47 billion won on the 30th of last month. Anemoi is a special purpose company (SPC) established for the acquisition of UNISON by BTS No. 1 Private Equity Investment Joint Company, a private equity fund (PEF) formed by Samchully Asset Management. Samchully Asset Management is UNISON's largest shareholder but has not been involved in management.
The CB Anemoi sold this time was the 17th tranche it received last May in lieu of payment for the 14th CB. In Aug. 2020, Anemoi became the largest shareholder by acquiring 20 billion won worth of existing shares from Toshiba, the former largest shareholder of UNISON. At the same time, it invested 30 billion won in the 14th CB, putting in a total of 50 billion won.
Samchully Asset Management was selected as a general partner (GP) for the National Pension Service (NPS)'s renewable infrastructure commitment program and chose UNISON as its first investment. But as UNISON's performance improvement was slower than expected, it drew assessments as a "failed investment." In fact, since its last profit in 2022, UNISON has suffered continued operating losses. It posted operating losses of 19.6 billion won in 2023 and 12.5 billion won in 2024, and remained on a downward trend with a cumulative operating loss of 6.3 billion won through the third quarter of last year.
The market expected Anemoi to receive full redemption at maturity when UNISON's 14th CB came due in Aug. last year. Although it was the largest shareholder, many believed it would recover its principal despite the company's weak finances because it had remained a simple investor.
But Anemoi chose to reinvest instead of taking redemption at maturity. Considering that UNISON's cash-like assets were around 10 billion won at the time, it appears to have judged that redeeming about 37.6 billion won in principal and interest would be impossible. Through CB refinancing, it aimed to extend the normalization period for UNISON's management and buy time to find new investors.
A source in the investment banking (IB) industry said, "Given that the 17th CB Anemoi invested in has a two-year maturity, it appears to have been structured more to buy time for UNISON than as a typical investment," adding, "a full-fledged exit was expected within the two-year window."
The maturity extension ultimately worked. With Myeongun Industrial Development, a specialist in offshore wind development, emerging as a CB investor, Anemoi's exit opened faster than expected. Myeongun Industrial Development appeared by investing in the 16th CB in 2024. It then also purchased the 17th CB held by Anemoi. On Dec. 30 last year, Myeongun Industrial Development converted all CBs into shares and overtook Anemoi to become the largest shareholder.
Thanks to Myeongun Industrial Development, Anemoi was able to boost its return. Had it received CB redemption at maturity last year, interest income over the five-year investment would have amounted to 7.6 billion won. However, through this CB sale, it was able to secure an additional gain of about 3 billion won in less than a year.
However, an exit from the existing shares Anemoi currently holds is not expected to be easy right away. The UNISON stock Anemoi bought at 1,277 won per share in its first investment in 2020 is now lingering in the low 1,000-won range.
An IB industry source said, "Given the six-year investment period, the current share price level is disappointing," adding, "If Myeongun Industrial Development steps up as UNISON's de facto controlling shareholder and performance improves, Samchully Asset Management's exit from existing shares is also likely."
Meanwhile, Samchully Asset Management has not disclosed specific plans for a future UNISON exit. A Samchully official said, "It is true that we changed the investment purpose to a simple investment simultaneously with this CB sale, but we cannot confirm anything further."