[Edaily Marketin Reporter Hur Jieun ] New private equity fund (PEF) managers, who have built their first track records since their establishment, are on the verge of completing a series of divestitures. The key players are WJ Private Equity, which invested in aircraft parts manufacturer Yulgok, and PTA Equity Partners, which invested in Korea Fund Partners, a domestic fund administration firm. Market attention is focused on these firms for having overcome uncertainties—such as the COVID-19 pandemic that struck immediately after their investments—and driven value creation through structural improvements.

According to the investment banking (IB) industry on the 6th, Samil PwC, the lead advisor for the sale of aircraft parts specialist Yulgok, recently selected VIG Partners as the preferred bidder and is currently proceeding with the final stages of the sale process. The sale involves a controlling stake, including the 47.09% stake held by the consortium of JKL Partners and WJ Private Equity (WJ PE).

Overcoming COVID-19 Setbacks to Hit a “Triple Jackpot”… WJ PE Sells Yulgok

This sale marks the first exit deal for WJ PE, which was established in 2019. CEO Jang Won-jae, who leads WJ PE, is a veteran who led the acquisition of Acushnet—owner of the global golf brand Titleist—during his tenure at Mirae Asset Management’s Private Equity Division.

Yulgok, WJ PE’s inaugural portfolio investment, served as a litmus test for the firm’s management capabilities in its early days. In the year of its launch, WJ PE formed a consortium with JKL Partners to acquire existing shares in Yulgok, and subsequently invested approximately 40 billion won in convertible preferred shares (CPS) and other instruments, becoming the second-largest shareholder. The consortium’s total investment amounted to between 50 and 60 billion won.

However, immediately after the investment, the COVID-19 pandemic struck, plunging the entire aviation industry into an unprecedented slump. While Yulgok’s enterprise value also plummeted, WJ PE weathered the storm by focusing on structural reforms and achieved improved performance by capitalizing on the aviation market’s recovery from 2022 to 2025.

The expected sale price of Yulgok currently being discussed in the market is in the range of 400 to 60 billion won. Even applying a conservative estimate of 40 billion won, the value of the consortium’s stake reaches around 18 billion won. It is projected to yield a profit of approximately 13 billion won, along with a return of nearly three times the original investment.

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After 5 Years… PTA Equity and Korea Fund Exits in Sight

Another newly established private equity firm, PTA Equity Partners, has also demonstrated its track record by successfully divesting its early-stage portfolio. PTA Equity Partners has selected Premier Partners as the preferred bidder for the acquisition of Korea Fund Partners—the third-largest fund administration firm in Korea—and is proceeding with the exit process. Established in 2021, PTA Equity Partners is now on the verge of realizing a return on its investment approximately five years after the acquisition.

The enterprise value of Korea Fund Partners recognized in this sale process is approximately 600 billion won. This is more than three times higher than the enterprise value (160–200 billion won) recognized when PTA Equity Partners acquired the company in 2021. Observers note that the firm sharply increased its enterprise value through timely investments and aggressive efforts to improve operational efficiency.

An industry insider explained, “For a new asset management firm, the performance of its first investment portfolio serves as a benchmark that determines future fundraising success and the firm’s reputation,” adding, “Both WJ PE and PTA Equity are expected to strengthen their market positions by demonstrating value creation despite adverse macroeconomic conditions and throughout the fund’s investment period.”