This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:12 p.m. on Apr. 24, 2026.
As control of Kakao Games is being sold for about 600 billion won, Korea Investment & Securities Co. decided to solely arrange the entire acquisition financing. Having pursued aggressive sales since the start of the year, Korea Investment & Securities Co. is solidifying its position in the acquisition financing market by winning a series of large deals.
According to the investment banking (IB) industry on the 24th, Korea Investment & Securities Co. decided to solely arrange up to 250 billion won in acquisition financing for Kakao Games. The interest rate is in the low 6% range, with a three-year maturity.
Kakao recently decided to sell about 22 million existing shares (24% equity) of Kakao Games to private equity fund (PEF) manager Petricco Partners. Kakao is selling the existing shares of Kakao Games for about 300 billion won, while Kakao Games will simultaneously carry out a third-party paid-in capital increase of 240 billion won and issue 60 billion won in convertible bonds (CB). This structure transfers management control for a total of 600 billion won.
Petricco Partners is a new private equity fund founded by Chief Executive Shin Dae-hyun, formerly of Goldman Sachs. Petricco Partners will set up a project fund, "Petricco No. 6 Private Equity Limited Partnership," with Japan's LY Corporation joining as a key limited partner (LP).
About 350 billion won, excluding the acquisition financing, will be executed as equity investment. The seller, Kakao, is also said to re-invest part of the amount. However, because Petricco Partners hopes to increase the equity investment, the acquisition financing size could be reduced from 250 billion won.
Korea Investment & Securities Co. has been taking an aggressive stance in the acquisition financing market recently. This year, especially after obtaining approval for its Integrated Money Account (IMA) and greatly expanding its funding base, it is growing its influence in the market more quickly.
Korea Investment & Securities Co. amassed acquisition financing and refinancing results well over 700 billion won in the first quarter this year. It has successively closed major deals such as the refinancing of JB Financial Group (350 billion won), acquisition financing for Central Terminal Korea by Kohlberg Kravis Roberts (KKR) (200 billion won), and refinancing for a minority stake in Kakao Mobility (130 billion won).
Korea Investment & Securities Co. will also provide up to 800 billion won in acquisition financing for the minority-stake acquisitions in Ulsan GPS and SK MU by Korea Investment Private Equity (PE) and STIC Alternative Asset Management. In addition, it joined Mirae Asset Securities as co-lead arranger of acquisition financing for the consortium of HD Hyundai Oilbank and Tenet Equity Partners (EP) in their purchase of Daekyung O&T.