이 기사는 2020년 02월 03일 08시00분 thebell에 표출된 기사입니다

South Korea’s National Pension Service (NPS) invests 75 billion won in Glenwood Private Equity (Glenwood PE)’s project fund to acquire SKC Kolon PI, the world's number one polyimide (PI) film maker based in Korea.

According to investment banking (IB) industry on January 29, the NPS will invest in SKC Kolon PI via LP (limited partner) co-investment fund. The pension fund will commit to a fund that will be formed by Glenwood PE through the co-investment fund that was formed in 2017. In 2017, the NPS selected SKS PE-Shinyoung Securities PE consortium and Daishin PE as its general partners (GPs) for its co-investment blind-pool fund.

The NPS earmarked 200 billion won for each GP. Daishin PE committed 50 billion won to form a 250 billion won fund and SKS PE and Shinyoung Securities committed 25 billion, respectively, to make a 250 billion won fund.

The NPS is an anchor investor of a 450 billion blind-pool fund created by Glenwood PE. The PE firm will commit around 135 billion won through its blind-pool fund to acquire SKC Kolon PI and the NPS will commit some 75 billion won to the deal through the co-investment fund.

The NPS also funded Glenwood PE’s investment in Seorabeol City Gas and Haeyang City Gas in 2018 via Daishin PE’s co-investment fund. It is positive for GPs that they can co-invest in major deals that the NPS take part in.

Glenwood PE signed a contract with SKC and Kolon Industries to acquire a 54.97 percent stake in SKC Kolon PI at the end of December of 2019. The transaction value is around 610 billion won. The deal is expected to close in February.

SKC Kolon PI is the largest PI maker in the world, commanding 30 percent of the global market. PI film, which can replace glass for display substrates, is a core material that can enable the production of a flexible screen, which is a must for a foldable phone.

(By reporter Kim Hye-ran)