This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:05 p.m. on June 29, 2026.
Venture capital (VC) firm Stonebridge Ventures has replaced the representative fund managers (hereafter, lead PMs) of three venture investment partnerships in one go. The change was prompted by staff departures that created grounds for replacing the lead PMs. The company also named its CEO as one of the new lead PMs, and controversy is brewing because the CEO will oversee funds where performance fees are already locked in regardless of operating efficiency.
According to the VC industry on the 29th, Stonebridge Ventures recently proceeded to replace the lead PMs of three venture investment partnerships: "Stonebridge Opportunity No. 1," "Stonebridge Korean-Style Unicorn," and "Stonebridge Shinhan Secondary Unicorn." CEO Yoo Seung-woon and Chief Investment Officer (CIO) Choi Dong-yeol were appointed as lead PMs, respectively.
The lead PM changes were a follow-up measure after the resignations of the incumbent lead PMs. Specifically, Stonebridge Opportunity No. 1 and Stonebridge Shinhan Secondary Unicorn were reassigned to CEO Yoo, and Stonebridge Korean-Style Unicorn was reassigned to CIO Choi. Yoo and Choi are expected to lead the exit and liquidation processes.
It is notable that the lead PMs for Stonebridge Opportunity No. 1 and Stonebridge Korean-Style Unicorn were divided between CEO Yoo and CIO Choi. While the timing of formation and operating structures (project, blind, etc.) differ, the core investment asset of both venture investment partnerships is the same: ZIGBANG CO., a real estate information firm.
In fact, the project fund Stonebridge Opportunity No. 1 invested its entire amount in ZIGBANG CO., and although Stonebridge Korean-Style Unicorn is a blind fund, about 20% of its committed capital was deployed into ZIGBANG CO. Considering that most VCs, when grounds arise to replace a lead PM, group by asset to enhance operating efficiency, the decision is somewhat unexpected.
Stonebridge Ventures said it was an unavoidable choice to have the CEO and CIO split the operating burden, but some in the industry assess that CEO Yoo, who does not come from an investment screening role, may have secured Stonebridge Opportunity No. 1, where performance fees were already fixed thanks to an early investment in ZIGBANG CO.
Stonebridge Opportunity No. 1 is said to have already built up about 2 billion won in carried interest (Carried Interest) by selling only a portion (about 30%) of ZIGBANG CO. common shares. This means the performance fee after distributing investors' principal and allocating excess returns has reached 2 billion won, and the carry amount is expected to increase further.
When carry occurs, the lead PM typically receives 25% of the total carry as an individual portion, considering factors such as sourcing and operating performance. While it varies slightly by VC, the common practice is to first allocate half to the company, then split the remaining half again, with the lead PM and key staff taking their respective shares.
Stonebridge Korean-Style Unicorn's recovery performance from its ZIGBANG CO. investment is expected to fall well short of Stonebridge Opportunity No. 1. That is because Stonebridge Korean-Style Unicorn was used for Stonebridge Ventures' follow-on investment in ZIGBANG CO., and as the company's valuation has recently dipped in part, the burden of recovery has reportedly grown.
Given the circumstances, Stonebridge Ventures hastily announced a policy not to pay separate incentives to a newly appointed lead PM when replacing one midterm. The company intends to attribute the carry from Stonebridge Opportunity No. 1 to the firm, but some say performance sharing after attribution remains entirely possible.
An industry source said, "To manage a venture investment partnership's portfolio and recover invested capital, you must keep communicating not only with portfolio companies but also with other institutional investors, so having different lead PMs makes no sense," adding, "Based on future exit performance, a high performance bonus could be paid to CEO Yoo."