PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩130 per share · Prices as of the 2026-10-02 close
Atinum Investment posted record 2025 results on major portfolio realizations from Dunamu, G2G Bio, and ABL Bio, but swung back into quarterly losses in mid-2026 amid a weak domestic IPO market, underscoring the volatility inherent in its earnings model.
2025 revenue of KRW 70.6bn and operating profit of KRW 32.0bn (45.3% margin), sharply improved from the prior year
After peaking at KRW 18.2bn operating profit in 2025Q3, the company posted net losses in both 2025Q4 and 2026Q2
Large-scale realizations from G2G Bio (about 10x), ABL Bio (about 3x), and Craver Corporation (about 4x) drove 2025 results
Under its 'one-fund' strategy, the company is still deploying the KRW 860bn Atinum Growth Fund 2023, with limited near-term plans for a new fund
Korea's H1 2026 new listings and IPO proceeds fell to roughly half of the prior year, compressing the realization environment
Atinum Investment was established in 1988 as Cheil Venture Capital, making it one of Korea's longest-standing venture capital firms.
The company has long maintained a 'one-fund' strategy that concentrates investment capacity into a single large fund until it is fully deployed, and this approach helped it establish itself as one of Korea's leading large-scale VCs.
It currently manages assets primarily through the KRW 550bn Atinum Growth Fund 2020 formed in 2020 and the Atinum Growth Fund 2023, finally closed at KRW 860bn at the end of 2023.
Investment areas span enterprise, consumer, deep-tech, bio-healthcare, and game/content, and the firm adopted a divisional leadership structure across service/platform, tech, bio-healthcare, and game/content units to strengthen sector expertise.
Past portfolio companies included Dunamu, Kakao Games, Clo Virtual Fashion, and LegoChem Biosciences, while recent realizations have come from G2G Bio, ABL Bio, Craver Corporation (Skin1004), Klobot, and CMES.
About 15-20% of committed capital is allocated to overseas startups in Southeast Asia, the United States, Japan, and Israel, supported by a Singapore office established in 2021.
Its parent, Atinum Partners, functions as a holding entity, while KOSDAQ-listed Atinum Investment serves as the operating investment and fund-management vehicle.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩23.8B | ₩11.1B | 46.6% |
| 2025Q3 | ₩24.2B | ₩18.2B | 75.2% |
| 2025Q4 | ₩15.9B | ₩600M | 3.6% |
| 2026Q1 | ₩8.4B | ₩4.3B | 51.4% |
| 2026Q2 | ₩2.2B | -₩5.1B | −228.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩101B | ₩35.2B | ₩28.2B | 34.8% | 16.9% | 16.5% |
| 2023 | ₩135.8B | ₩24.8B | ₩20.1B | 18.2% | 11.3% | 25.6% |
| 2024 | ₩51.7B | ₩13.5B | ₩10.8B | 26.1% | 5.9% | 18.7% |
| 2025 | ₩70.6B | ₩32B | ₩25.1B | 45.3% | 12.3% | 10.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated 2025 revenue reached KRW 70.6bn, up sharply from KRW 51.7bn in 2024, while operating profit more than doubled to KRW 32.0bn from KRW 13.5bn, and net profit attributable to owners rose to KRW 25.1bn from KRW 10.8bn. The operating margin improved markedly from 26.1% in 2024 to 45.3% in 2025.
This reflects large-scale portfolio realizations, including G2G Bio (roughly 10x invested capital), ABL Bio (more than 3x), and Craver Corporation (about 4x, sold to a Godiva Global-led consortium for roughly KRW 245.6bn).
By contrast, 2023 posted the highest revenue of the four years at KRW 135.8bn, yet its operating margin was only 18.2% and net profit was KRW 20.1bn, illustrating how revenue scale and profitability do not necessarily move in tandem in a VC's earnings structure.
On a quarterly basis, operating profit peaked at KRW 18.2bn (roughly 75% margin) with net profit of KRW 14.7bn in 2025Q3, before deteriorating sharply the very next quarter: 2025Q4 revenue fell to KRW 15.9bn with operating profit of just KRW 0.6bn and a net loss of KRW 0.2bn.
Results recovered in 2026Q1 to revenue of KRW 8.4bn, operating profit of KRW 4.3bn, and net profit of KRW 3.3bn, only to swing back into loss in 2026Q2, with revenue collapsing to KRW 2.2bn, operating profit at negative KRW 5.1bn, and a net loss of KRW 3.4bn.
This quarter-to-quarter volatility reflects the structural nature of the VC business, where fair-value marks on unlisted holdings and the actual timing of realizations tend to concentrate in specific quarters.
Korea's venture capital industry began showing signs of recovery from the second half of 2024, and 2026 is viewed as a structural growth transition period in which expanded policy fund supply—including the National Growth Fund—regulatory refinement, and expectations of exit-market normalization are moving fund formation, investment, and realization simultaneously.
However, this recovery has been uneven. In H1 2026, the number of new domestic listings fell to 17, less than half of the 38 recorded a year earlier, while IPO proceeds dropped 49% year-on-year to KRW 1.13tn and the market capitalization of newly listed firms fell 47%.
This reflects an increase in companies delaying listings amid dual-listing regulations, tighter listing reviews, and heightened equity market volatility.
Still, while August is typically a seasonal low point for both venture investment and IPOs, October and November tend to be the most active months of the year, and KB Securities analyst Tae Yoon-seon stated that if the equity market rebound continues into the investment high season, the unlisted investment market could gradually show signs of recovery.
Government measures such as enhanced KOSDAQ market credibility and innovation initiatives and stricter delisting standards suggest that, over the longer term, evaluations of listed venture investment firms may shift toward focusing on actual realization probability and timing.
Atinum Investment is regarded as a top-tier industry player given its track record of major exits from Dunamu, ABL Bio, and G2G Bio, but the sector's inherent sensitivity to policy-fund dependence and IPO market cycles remains a common risk across competitors.
Atinum Investment continues its one-fund strategy, focusing on deploying the KRW 860bn Atinum Growth Fund 2023.
As of August 2024, the fund's deployment ratio stood at about 23.1% (roughly KRW 198.7bn), executed rapidly within eight months of formation, expanding into domestic startups such as Modusign, Caremedi, Liner, and Ridefluxe, as well as overseas names including BriaAI (Israel) and Pinetree Therapeutics (US).
As of early 2024, the company indicated it had no plans to form a new fund for the following two to three years, suggesting near-term focus will remain on deploying and realizing existing funds.
The already-liquidated Atinum High-Growth Enterprise Fund (KRW 203bn) distributed a total of KRW 1.0039tn to limited partners, achieving a 4.9x return multiple and a net IRR of 29.8%, and its Dunamu stake has already been fully realized, leaving little room for further gains from that position.
Going forward, results are expected to hinge heavily on the exit timing and market valuations of follow-on portfolio companies held through the 2020 and 2023 growth funds—including Klobot, CMES, Morai, and Timetree—which are either planning listings or continuing to grow. The company has stated it intends to keep investing in deep-tech and AI-driven startups going forward.
Atinum Investment's share price trades at a discount to net asset value, a condition shared by many listed Korean venture capital firms.
Because earnings are heavily dependent on whether a large exit occurs in a given quarter, multi-year net profit trends have shown clear directional swings—moving from loss to profit, or from strong gains to sharply reduced profitability.
On the dividend side, payout capacity tends to track realization performance, expanding in strong years and contracting in weaker ones.
Listed Korean VC stocks have generally shown a high correlation with the KOSDAQ index, though differentiation between individual names can emerge depending on the pace of IPO market recovery or company-specific listing and sale events in the portfolio.
Investors may find it useful to look beyond any single quarter's net profit figure and instead examine the realization flow over a rolling multi-quarter window together with the listing and sale schedule of remaining portfolio holdings.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
The firm has a history of realizing about 71x invested capital from Dunamu, roughly 10x from G2G Bio, and about 4x from Craver Corporation. Upon liquidation, the Atinum High-Growth Enterprise Fund distributed a total of KRW 1.0039tn, achieving a 4.9x multiple and a 29.8% net IRR. This track record demonstrates deal-sourcing and underwriting capability validated over a long period.
Expanded supply of policy funds including the National Growth Fund, along with related legal and regulatory refinement, is cited as a structural driver moving Korea's fund formation, investment, and realization cycle simultaneously in 2026. Policy funds have historically served to attract private capital as a catalyst. This could translate into improved fundraising conditions across the industry.
Through the 2020 and 2023 growth funds, the firm has diversified investments across enterprise, deep-tech, bio-healthcare, and game/content. Beyond already-listed portfolio companies such as Klobot and CMES, a number of other holdings, including Morai and Timetree, have continued to secure follow-on funding. Sector expertise continues to be reinforced through the divisional leadership structure.
Operating profit plunged from KRW 18.2bn in 2025Q3 to KRW 0.6bn with a net loss of KRW 0.2bn in 2025Q4, returned to profit in 2026Q1, then swung to an operating loss of KRW 5.1bn and a net loss of KRW 3.4bn in 2026Q2.
This exposes a structural vulnerability in which results depend heavily on whether a large realization occurs in a given quarter.
In H1 2026, the number of new domestic listings fell to 17, less than half of the 38 seen a year earlier, and IPO proceeds dropped 49% year-on-year. As more companies delay listings, the timing of exits for portfolio companies could be pushed back.
The 2025 earnings improvement relied heavily on a small number of large realizations from G2G Bio, ABL Bio, and Craver Corporation.
Its Dunamu stake has already been fully realized and can no longer contribute further gains, meaning similar future improvement would require a continuous pipeline of new large-scale exits.
The fair value of unlisted portfolio holdings can swing significantly quarter to quarter depending on market conditions and individual company valuation changes. During periods of sharp equity market declines, valuations of unlisted stakes can fall and directly hit earnings. Similar valuation-decline concerns were raised in Korea's unlisted investment market in H1 2026.
Institutional changes such as tighter KOSDAQ listing reviews and dual-listing regulations could delay listing schedules for portfolio companies.
New regulatory frameworks, such as government measures to enhance KOSDAQ market credibility and innovation, may also require changes in how venture investment firms are evaluated and how they structure exit strategies.
Under the one-fund strategy, forming a new fund takes considerable time, and future fundraising scale depends on whether existing limited partners re-commit capital. If plans for a new fund are delayed or scaled back, medium- to long-term growth in assets under management could stall.
The 2026Q3 earnings disclosure will show whether the 2026Q2 loss was temporary and whether portfolio valuation recovery is continuing.
Typically the high season for Korean venture investment and IPOs, this is the period to check whether the exit-market recovery flagged by KB Securities materializes in actual new listing counts and proceeds.
Watch for disclosures or industry reports on the deployment ratio and follow-on investment status of the Atinum Growth Fund 2023, as well as any plans for forming a new fund.
It is worth tracking lock-up expirations and residual share sales at already-listed portfolio companies such as Klobot and CMES, as well as any further funding rounds or listing progress at unlisted holdings such as Morai and Timetree.
Check whether follow-on capital calls from policy funds such as the National Growth Fund and new fund-manager selection processes proceed.
Atinum Investment delivered improved 2025 results—KRW 70.6bn in revenue, KRW 32.0bn in operating profit, and KRW 25.1bn in net profit—built on its one-fund strategy and a track record of major exits from Dunamu, G2G Bio, and ABL Bio.
However, small net losses in both 2025Q4 and 2026Q2 reaffirmed the structural characteristic that quarterly results depend heavily on whether a specific large realization event occurs.
In H1 2026, Korea's IPO market showed a weakened exit environment, with new listing counts and proceeds falling sharply from a year earlier, which could weigh on near-term results across the VC sector.
That said, structural factors such as expanded policy fund supply and regulatory refinement are seen by some as supportive of medium- to long-term industry conditions.
Going forward, the company's results will likely hinge on the pace of deployment of the Atinum Growth Fund 2023 and the timing of realizations from its follow-on portfolio, and investors may find it useful to examine multi-quarter realization flows and market conditions together rather than focusing on any single quarter's figures.
Report written 2026-09-05 · Data as of 2026-09-04
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