[Edaily Reporter Kwon Oh-seok] NH Investment & Securities stated on the 18th regarding #HB Investment, “As the venture industry gains momentum, HB Investment has also entered a phase of expansion,” adding, “With IPOs of semiconductor, robotics, and AI companies gaining traction, the firm has secured a number of investment assets with visible exit prospects, leading us to expect medium- to long-term earnings improvement.” However, the firm did not provide an investment rating or target price.

Yoon Yu-dong, an analyst at NH Investment & Securities, explained, “Since last year, capital contributions from pension funds and mutual aid associations have expanded, leading to active fund formation in the 1000억 won range. HB Investment also raised a 1420억 won fund in the first half of this year, which is its largest ever,” adding, “The formation of new funds totaling over 2000억 won is scheduled for next year.”
He continued, “The company aims to reach 7500억 won in AUM (assets under management) by the end of the year and 1조원 by 2028. “In our Value-Up Plan announced last May, we expressed confidence by setting a target to achieve an average IRR (internal rate of return) of approximately 15% or higher for new funds,” he added, explaining, “Our investment allocation is 40% in semiconductors, 40% in AI (artificial intelligence), and 20% in biotech and healthcare.”
Key portfolio holdings include Robros, Faraday Dynamics, DeepAuto, Persona AI, Enventric, and SemitS. “With recent industry attention on investments in SpaceX, the company has also recognized the need for overseas investments,” he noted, adding, “The current proportion of overseas investments stands at about 5% and is expected to gradually expand.”
Analyst Yoon stated, “In the first quarter, we recorded operating revenue of 3.2 billion won (+34.3% year-over-year) and operating profit of 900 million won (+143.8%). The increase in management fees resulting from fund formation is notable, and we expect this to expand to the 10 billion won range annually. “Although two funds are scheduled for liquidation within the year, the recognition of performance fees is not expected to be significant,” he noted, emphasizing, “Equity method income is projected to be solid on an annual basis, as gains from the valuation and disposal of Dalba Global are expected to be reflected.”
In the second quarter, the company listed SemitS, MakinaRax, and PeacePeace Studio, and expects additional listings within the year, including Creates, Davio, NeoSapiens, and PGT.