This article was displayed on the ChosunBiz MoneyMove (MM) site at 8:26 a.m. on June 29, 2026.
Hong Kong-based private equity firm Anchor Equity Partners (hereafter Anchor PE) is back in the spotlight as a "big player" in Korea's mergers and acquisitions (M&A) market. Anchor PE is said to be reviewing multiple deals simultaneously as it needs to spend 900 billion won in uncommitted capital by the end of the year.
According to the investment banking (IB) industry on the 29th, Anchor PE is conducting due diligence across both available and potential assets in the domestic M&A market as it throws its full weight into finding new investments.
The deal Anchor PE is most focused on now is the acquisition of aircraft parts maker Yulgok, according to industry sources. In the main bidding for Yulgok, which ran through the end of last month, Anchor PE, KCGI, VIG Partners, and STIC Investments, among others, took part. Selection of a preferred bidder has been delayed for a month, but the industry says that once Anchor PE jumped in with the most aggressive bet, the stakes rose.
Anchor PE also jumped into the SK TNS acquisition race last year. In addition to auction deals like Yulgok and SK TNS, it is reportedly reviewing multiple private deals at the same time. For some corporations, due diligence is said to be well underway.
An IB industry official said, "These days, merely saying 'Anchor PE is reviewing a deal' doesn't even make news," adding, "It's no exaggeration to say it is looking at virtually all deals currently on the market above a certain size."
The industry expects Anchor PE to cast a wide net, reviewing deals even in infrastructure and environmental areas it has not closely examined before. That follows the arrival of Vice President Seo Sang-jun, formerly of EQT Partners. Seo led the opening of EQT's Seoul office in 2023 and oversaw Korea infrastructure deals. Investments in KJ Environment and SK shieldus are also Seo's work.
Anchor PE is stepping up its search because it needs to spend dry powder of nearly 1 trillion won by year-end. In 2021, Anchor PE raised its fourth blind fund of $1.6 billion (about 2.46 trillion won), and the fund's investment period expires at the end of this year. If it fails to finalize investment targets within the year, it will be difficult to deploy a significant portion into new deals before the fund is liquidated.
However, Anchor PE is sitting on a backlog of portfolio assets it has been unable to sell for a long time. Even if it concentrates on spending dry powder through year-end, it will need to resume exits starting next year.
In addition to mushroom grower Dr.Ag, which is currently up for sale, Anchor PE also needs to sell education company Etoos Education and door lock maker Solity. For Etoos Education, it has invested a total of 100 billion won since 2015 and recently bought time through 100 billion won in acquisition financing refinancing. Solity attempted a sale once last year, but with no suitable buyer emerging, the process was quietly shelved.
Kurly is also a sore spot for Anchor PE. Anchor PE valued Kurly at 4 trillion won in 2021 and invested 250 billion won, then injected additional funds in 2023, betting a total of about 370 billion won. Last month, Naver invested 33 billion won, recognizing a 2.8 trillion won valuation for Kurly and reviving hopes for a renewed listing push, but its price in the over-the-counter market still falls well short of that.