This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:22 p.m. on May 7, 2026.
Private equity fund (PEF) manager Q Capital Partners has decided to hold media commerce company Iris Bright for the long term. Expectations for a higher valuation are growing as Iris Bright continues to post sharp improvements in results. On top of that, Q Capital Partners has already secured more than 9 billion won in cash from dividends alone.
According to the investment banking (IB) industry on the 7th, Q Capital Partners recently settled on a long-term hold of a 40% equity stake in Iris Bright. It has been about two years since the firm invested 60 billion won in Oct. 2024 by converting redeemable convertible preferred shares (RCPS) after acquiring existing shares from the largest shareholder, securing 8,000 preferred shares of Iris Bright.
An industry source said, "There were potential buyers exploring an equity purchase in the secondary market, but the company has decided for now to keep holding," adding, "Even though there was an early exit option that could lift the internal rate of return (IRR), the view was not to rush."
The expectation of a higher valuation for Iris Bright is seen as driving the long-term hold. Iris Bright, which launched in 2020 as a K-beauty media commerce corporation focused on brand planning, marketing, and distribution, has continued rapid top-line growth, surpassing 100 billion won in sales within five years of its founding.
In fact, Iris Bright posted 170.9 billion won in sales last year, led by more than 20 brands including the lifting care specialist "Revenif," hair care "Haar," and high-efficacy scalp care "C-Puri." That was up 80% from the prior year's 94.9 billion won in sales, while net income for the same period rose from 25.8 billion won to 38.1 billion won.
Iris Bright's valuation has already jumped significantly even by multiple metrics at the time of investment. Q Capital Partners previously valued Iris Bright at about 150 billion won. Applying a price-earnings ratio (PER) of 6 times to the net income forecast, the valuation would rise to 230 billion won if the same multiple is applied.
Steady dividends revenue also influenced Q Capital Partners' long-term holding policy. Q Capital Partners is estimated to have received cash dividends totaling 9.3 billion won—4 billion won last year and 5.3 billion won this year. That is above the minimum annual preferred dividend guarantee of 3.2 billion won agreed at the time of investment.
Some observers say Q Capital Partners will pursue a post-listing exit strategy after sufficiently recouping its principal through dividends revenue. With the global popularity of K-beauty continuing, the possibility of applying a PER of 15–20 times is also increasing. In particular, Iris Bright has already completed the selection of a lead underwriter for its listing.
A securities industry source said, "They have already recovered 15% of the principal in cash through dividends, and on top of that they are aiming for a K-beauty multiple re-rating," adding, "As long as the results hold up, for Q Capital Partners as a financial investor (FI), the longer they delay the exit and wait, the better the deal becomes."