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The Korea Investment Corporation (KIC) has expanded its partnership with Golub Capital LLC, a credit asset manager based in the United States, by acquiring a minority stake in the company. The deal will strengthen their relationship and boost South Korea’s sovereign wealth fund’s alternative investment portfolio.
The KIC and Golub Capital said that they are delighted to announce the expansion of their partnership which is a strategic move for both sides. It was reported that the Korean government’s sovereign wealth fund obtained a passive, non-voting minority stake in the lending firm’s management companies.
As per The Korea Times, KIC’s acquired stake amount to an economic interest in the credit firm’s management companies of less than five percent. In any case, other details and terms of the investment, including the exact amount of the deal, were not revealed to the public.
Golub Capital is planning to use the proceeds from the minority stake acquisition of KIC to further enhance its capability of delivering well-grounded financing solutions. It explained that all the profits from the deal are going to be reinvested within the company.
“We are pleased to expand our relationship with Golub Capital. This investment reflects our confidence in Golub Capital as a preeminent private credit asset manager,” KIC’s chief executive officer, Jin Seoung Ho, said in a press release. “As a long-term investor, we believe our strategic partnership with Golub Capital will help us continue to diversify KIC’s alternative asset portfolio and to deliver strong long-term investment performance.”
David Golub, the president of Golub Capital, also said that they are “honored by KIC’s confidence in our direct lending franchise. KIC is a world-class institutional investor with a distinguished long-term track record. Our strategic partnership with KIC provides Golub Capital with more resources to advance our mission to be the best in sponsor finance.”
Meanwhile, despite the stake acquisition of KIC, Golub Capital’s day-to-day management and strategies will remain intact. There will be no change to the operations, and will go as usual.
Photo by: Korea Investment Corporation/Wikimedia Commons (CC BY-SA 3.0)
