This article was posted on the ChosunBiz MoneyMove (MM) site at 3:49 p.m. on Feb. 23, 2026.
U.S. firm Mirri Capital, which became the largest shareholder of domestic private equity firm STIC Investments, will support STIC's fund formations from the rear. Even after securing controlling equity, it decided to create a dedicated team at its U.S. headquarters to provide systematic support instead of joining the board.
On the 22nd, according to the investment banking industry, Mirri Capital recently finalized plans to set up a team dedicated to enhancing corporate value, such as expanding STIC Investments' assets under management (AUM), and has begun reorganizing its structure. It has been about a month since it became the single largest shareholder by acquiring about 25% of STIC Investments' equity last month.
Mirri Capital plans to strengthen overseas fund raising and global investment areas, which have been cited as weaknesses of STIC Investments, through the dedicated team. It will assign key personnel from its Boston headquarters to the dedicated team, and Mirri Capital founder Benjamin Griffiths is reported to personally oversee operations.
Mirri Capital earlier acquired management control on the 20th of last month by buying 11.44% of the shares held by STIC Investments Chairman Do Yong-hwan (13.44%). After first appearing as an investor in August 2023 by acquiring 5.01% of STIC Investments' equity, it continued investing and had increased its stake to 13.44%.
STIC Investments said Mirri Capital's investment strategy, the so-called "consultavist," led to the establishment of the dedicated team. Consultavist is a portmanteau of consultant and activist, and its core investment strategy is to work closely with management to raise corporate value.
In fact, Mirri Capital judged that STIC Investments' corporate value was undervalued relative to its investment portfolio, personnel and capabilities, and began equity investments. When activist fund Align Partners publicly demanded shareholder value enhancement later, Mirri Capital is said to have intended to express support for Chairman Do and the existing management.
Some in the industry say Mirri Capital played the "dedicated team card" to calm existing limited partners and employees of STIC Investments. By arguing that the change in major shareholder could lead to strengthened competitiveness at STIC Investments, it seeks to prevent LPs from demanding fund liquidation or employees from leaving.
Usually a change in the major shareholder of a private equity firm requires the consent of LPs. For this reason, the industry has viewed that major LPs of STIC Investments, such as the National Pension Service, the Teachers' Pension, and the Private School Teachers' Pension, might consider a change to foreign capital a risk and could withhold funding or request fund liquidation.
Mirri Capital is reported to have revised its plan to join STIC Investments' board alongside pushing to build the dedicated team. Initially, Mirri Capital planned to take two seats on STIC Investments' board at next month's annual shareholders meeting, including an outside director and a nonstanding director, but recently changed that to participation of one outside director.
An investment banking industry official said, "Mirri Capital has consistently invested in domestic listed companies such as Gabia and Infovine, but this is the first time it has acquired a controlling equity stake," adding, "I understand it withdrew the idea because participation on the board in the form of a nonstanding director could be seen as interference in the controlling shareholder's management."
Meanwhile, STIC Investments plans to launch a new fund this year. Using the overseas LP network capabilities of its largest shareholder Mirri Capital, it is expected to pursue the formation of the largest-ever fund. STIC Investments' previous largest fund was the "STIC Opportunity No. 3," which was 1.72 trillion won in size.