This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:14 p.m. on Jun. 30, 2026.
Han Seung-pyo, founder and CEO of the corporate insurance agency (GA) GoodRich, exercised a call option to buy JC Partners' equity and will again become the largest shareholder. From JC Partners' standpoint, either Han's call option exercise or the previously pursued continuation fund formation is seen as acceptable. That is because the call option's minimum assessed value and the valuation likely to be set if the fund proceeds are estimated to be at similar levels.
According to the investment banking (IB) industry on the 30th, JC Partners is reviewing both scenarios: Han's call option exercise and the formation of a continuation fund. The call option's minimum exercise price is reportedly in the high 500 billion won range, based on 100% of GoodRich's equity value. Earlier, Han formally notified JC Partners of his intent to exercise the call option and is now about to select an accounting firm to assess the corporations' value.
Initially, JC Partners, together with the domestic private equity fund (PEF) manager Daily Partners, had pursued forming a roughly 300 billion won continuation fund. Aimed at avoiding a rushed sale, the strategy was to return capital to existing limited partners (LPs) while generating profit through long-term ownership of GoodRich. The fund was reportedly reviewed to jointly manage by transferring about 88% of existing shareholders' (JC Partners, Han, etc.) equity.
They had even secured letters of commitment (LOC) from some investors, but once Han signaled his intent to exercise the call option, the fund formation was put on hold. This raised the possibility that discord could arise between the parties.
However, the atmosphere between the two sides was actually reported to be not bad. First, there was a consensus that the call option is a contractual right that should be respected. And while the fund previously in progress is effectively expected to fall through if the call option is exercised, JC Partners is willing to accept that outcome. The call option's minimum exercise price was found to be not far from the corporations value (around 600 billion won) assumed for the continuation fund. The explanation is that, if the call option is exercised, they will at least recover capital at a valuation similar to that of the continuation fund. There is also a chance that, during upcoming negotiations, the amount JC Partners receives through the call option exercise could be higher.
Profitability upon exit is assessed as sufficient. In 2022, JC Partners acquired about 60% of GoodRich's equity for 185 billion won with capital from Hanwha Life Insurance and Meritz Fire & Marine Insurance, among others. Last year's revenue was 632.7 billion won, about double the 321.3 billion won at the time of the 2022 acquisition, and operating profit rose 53% year over year to 55.2 billion won, a record high. Assuming 100% of GoodRich's equity value at around 600 billion won, the internal rate of return (IRR) upon exit is estimated to be in the mid-to-high 10% range. There is no need to force the price higher.
For Han, the key is whether he can raise the funds. He is reportedly pursuing securing capital by bringing in outside investors. If Han gathers sufficient funds, he can return as the largest shareholder and retain control of management.
An IB industry official said, "There is the burden of having to recruit new financial investors, but Han is understood to want to regain control of the company."