This article was displayed on the ChosunBiz MoneyMove (MM) site at 6:31 a.m. on Apr. 28, 2026.
VIG Partners, a private equity fund (PEF) manager, is pushing to spin off its credit investment unit, VIG Alternative Credit (VAC). As VAC has successfully achieved a soft landing by sharing VIG's brand and infrastructure, the move is seen as a bid to convert it into an independent organization and proceed as a full-fledged credit investment firm.
According to the investment banking (IB) industry on the 28th, VIG Partners decided to carry out a corporate spin-off of VAC in the second half of this year and has begun reviewing the specific timing and method. The industry expects VAC's establishment as a separate corporation and license acquisition to be completed in the second half of next year.
The market views the decision as a natural step following VAC's growth. When VAC launched in 2021, it was advantageous as a new organization to leverage VIG's name recognition and deal-sourcing network, but since then it has continued to win credit deals and even complete exits (capital recovery), building an independent track record.
VAC raised its third blind fund at 300 billion won at the end of last year. In the second half of this year, it plans to start raising its fourth fund. It has also been expanding its investment stride, including a recent 60 billion won investment in bonds with warrants (BW) in ZIGBANG CO., strengthening its presence as an independent platform.
Industry officials also said that a spin-off would be advantageous for VAC in its relationships with fund limited partners (LPs). If a credit team operates under the same roof as VIG Partners, a buyout-focused investment firm, there is room for LPs to misunderstand commitments as "duplicate commitments," and questions may arise over whether a Chinese wall (information barrier) related to deals is functioning properly.
In fact, Glenwood Credit is operated as a separate corporation from Glenwood PE, and IMM Credit & Solutions (ICS) is also separated from IMM PE. JKL Investment (formerly JKL Credit Investment) is a different corporation from its parent JKL Partners.