This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:08 p.m. on Jul. 7, 2026.
U.S. private equity fund (PEF) manager Kohlberg Kravis Roberts (KKR) has completed its exit (investment recovery) from HD Hyndai Marine Solution. Starting with a secondary offering at the time of HD Hyndai Marine Solution's initial public offering (IPO) in 2024, it conducted block deals last year and this year and is understood to have reaped more than three times its original investment.
According to the investment banking (IB) industry on the 7th, KKR recently sold all of the remaining roughly 5% equity in HD Hyndai Marine Solution that it held through special purpose company (SPC) GLOBAL VESSEL SOLUTIONS, L.P. It completely disappeared from the shareholder list of HD Hyndai Marine Solution about five years after its initial investment in 2021.
A person in the securities industry said, "KKR's total recovery from HD Hyndai Marine Solution, including dividends, is estimated to exceed 2.2 trillion won," adding, "That is more than three times the original investment and is regarded as a standout jackpot case of recovery in Korea's shipbuilding and offshore equipment sector."
In Feb. 2021, HD Hyundai (then Hyundai Heavy Industries Holdings) participated in a pre-IPO fundraising for Hyundai Global Service (now HD Hyndai Marine Solution), a subsidiary established to specialize in ship after-sales service (AS) and retrofitting, making KKR the second-largest shareholder with 38% equity. It invested 646 billion won at about 43,000 won per share.
KKR's blockbuster recovery was already foreshadowed when HD Hyndai Marine Solution listed on the Korea Composite Stock Price Index (KOSPI) in May 2024. During the offering, KKR conducted a secondary sale of 4.45 million shares, about 30% of its total holdings, recovering 371.1 billion won, more than half of its original investment. That was thanks to a listing valuation set at about 3.7 trillion won.
It earned an even bigger gain from selling the remaining equity. Riding the shipbuilding super-boom and expectations for a revival of the U.S. shipbuilding and offshore industries, HD Hyndai Marine Solution's share price trended higher, and in a Feb. 2025 block deal (after-hours bulk trade) of 4.49% equity (2 million shares), it secured 295 billion won, bringing in more than the original investment when including the secondary sale.
Considering the investment unit price, the recovery stands out more. KKR's per-share acquisition price, reflecting the stock split, was around 43,000 won, but the later block deal and remaining equity sale took place when the share price was in the 150,000–200,000 won range. The per-share price for the most recent remaining equity sale is estimated to have been in the 210,000 won range.
Analysts say HD Hyndai Marine Solution's stable business structure led to the blockbuster recovery. Based on so-called "captive (intra-group) volume"—maintenance and repair demand from ships built by HD Hyundai Group—it has a structure that delivers stable results. Last year's revenue was 1.9827 trillion won, with operating profit of 350.1 billion won.
Some say the HD Hyndai Marine Solution exit likely underpinned KKR's recent aggressive investment moves in Korea. KKR recently acquired SK Group's energy platform SK eternix and, after that, forged a strategic partnership with Samsung SDS, pouring in firepower while moving between SK and Samsung.
An IB industry source said, "PEF managers typically assemble investment capital by mixing fund money with acquisition financing (loans), and KKR is known to have borrowed a considerable amount at the time of investment," adding, "In terms of the total original investment, the return is a little over three times, but the recovery performance on a fund capital basis, net of loans and interest, would be much larger."
Meanwhile, the market is noting that KKR's full exit has eased the overhang (potential large-scale selloff supply) burden that had weighed on the share price. Right after the listing, KKR held 24% as the second-largest shareholder and repeatedly conducted block deals, and each sale stirred concern about supply overhang and caused the share price to swing.