PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
With founder Do Yong-hwan's stake sale making US-based Miri Capital the largest shareholder, STIC Investment posted higher 2025 revenue and profit on expanding management fees and recovering performance fees.
2025 consolidated revenue reached KRW 91.2bn, operating profit KRW 17.2bn, and owners' net profit KRW 15.0bn, all up year on year but still below 2023 levels.
Founder Do Yong-hwan sold an 11.44% stake to Miri Capital, triggering a change of largest shareholder, whose stake has since expanded to about 26.88%.
STIC was selected as the manager for the KDB National Growth Fund's uncapped Scale-up League, pursuing formation of a large blind-pool fund.
The company disclosed a value-up plan targeting AUM of KRW 15tn and fee-paying AUM (FPAUM) of KRW 11tn by 2028.
Quarterly profit swings widely, falling from KRW 12.6bn in Q4 2025 to KRW 1.7bn in Q2 2026, underscoring earnings volatility.
STIC Investment launched as a venture capital firm in 1999 and has grown into one of Korea's largest private equity fund (PEF) managers. The firm operates through several divisions covering M&A/buyout, growth capital, credit, venture investment, and real estate/infrastructure.
The M&A division formed a blind-pool fund of about KRW 2,010bn in 2023, while the credit division, after forming its first fund in 2023, added another blind-pool fund of roughly KRW 430bn the following year.
The growth capital division focuses on pre-IPO and growth-stage investments, having formed a series of funds since the KRW 317bn Pan-Asia 4th Industrial Growth Fund in 2018.
Venture investment is handled by subsidiary STIC Ventures, while general private fund, real estate, and infrastructure management is run by STIC Alternative Asset Management, which was reconsolidated as a subsidiary last year and broadened the management-fee base.
Based on recent disclosures, total assets under management (AUM) reach about KRW 10.4tn, including roughly KRW 772.6bn in venture investment associations and about KRW 1,939.4bn in general private fund trusts.
Domestic competitors include MBK Partners, IMM Private Equity, VIG Partners, and Korea Investment Partners, with competition for policy-fund GP mandates ongoing. Key limited partners (LPs) are diversified across domestic and overseas sovereign wealth funds, pension funds, insurers, and financial institutions.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩26.8B | ₩4.7B | 17.4% |
| 2025Q3 | ₩17.9B | ₩4.1B | 22.6% |
| 2025Q4 | ₩29.9B | ₩14.1B | 47.2% |
| 2026Q1 | ₩16.8B | ₩4.6B | 27.2% |
| 2026Q2 | ₩20.3B | ₩3.1B | 15.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩60.4B | ₩10.3B | ₩15.8B | 17.1% | 6.8% | 9.3% |
| 2023 | ₩93.8B | ₩33.1B | ₩27.6B | 35.3% | 10.9% | 12.7% |
| 2024 | ₩79.5B | ₩13.4B | ₩9.3B | 16.9% | 3.8% | 6.4% |
| 2025 | ₩91.2B | ₩17.2B | ₩15B | 18.8% | 5.9% | 20.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
2025 consolidated revenue came to KRW 91.218bn, up from KRW 79.466bn in 2024, with operating profit of KRW 17.184bn (an 18.8% operating margin) and owners' net profit of KRW 15.044bn.
Compared with the 2023 peak of KRW 93.760bn in revenue, KRW 33.098bn in operating profit (35.3% margin), and KRW 27.584bn in net profit, both profit levels and margins have yet to fully recover.
Revenue and profit fell sharply in 2024 (revenue KRW 79.466bn, operating profit KRW 13.418bn) before improving again in 2025 as management and performance fees rose.
On a quarterly basis, Q2 2025 revenue was KRW 26.846bn with operating profit of KRW 4.678bn and owners' net profit of KRW 3.382bn, while Q3 revenue fell to KRW 17.931bn but net profit held at KRW 3.493bn.
Q4 2025 revenue jumped to KRW 29.882bn, operating profit to KRW 14.119bn, and net profit to KRW 12.605bn, reflecting the seasonality typical of PEF businesses where performance fees are concentrated in specific periods.
Q1 2026 moderated to revenue of KRW 16.845bn, operating profit of KRW 4.582bn, and net profit of KRW 3.655bn, while Q2 2026 saw revenue of KRW 20.299bn, operating profit of KRW 3.056bn, and net profit of KRW 1.726bn, with both margin and net profit contracting from the prior quarter.
Summed over the trailing four quarters (Q3 2025 through Q2 2026), owners' net profit totaled KRW 21.478bn, a figure heavily driven by the large performance-fee recognition in Q4 2025.
Overall, earnings show a mix of a stable management-fee base and highly variable performance fees and investment asset valuation gains/losses, producing substantial quarter-to-quarter swings.
Korea's PEF industry is in a phase of active large-scale, policy-fund-driven fund formation.
The KDB-led National Growth Fund set a target of forming sub-funds worth a combined KRW 1.6tn across four leagues -- mid-size, scale-up, AI/semiconductor small-cap, and region-specific -- and STIC Investment secured the uncapped scale-up league mandate.
Policy capital tends to rapidly mobilize private-sector commitments through risk-weighted-asset incentives offered to bank LPs.
On the competitive front, large buyout houses such as MBK Partners, IMM Private Equity, and VIG Partners compete alongside mid-size growth-investment houses like Dominus Equity Partners, Woori Venture Partners, and Korea Investment Partners across different leagues.
Alternative asset classes such as credit, real estate, and infrastructure are becoming a growing pillar of fee-based revenue as domestic institutional investors expand their allocations.
However, the exit environment remains heavily dependent on IPO market conditions and the acquisition capacity of strategic investors, exposing pre-IPO-focused strategies to elevated exit-delay risk.
Against this backdrop, STIC is viewed as holding both a long track record as a leading domestic house and competitiveness in winning policy-fund GP mandates.
In its value-up plan disclosed in January 2026, the company set growth targets of KRW 15tn in AUM and KRW 11tn in fee-paying AUM (FPAUM) by 2028, which would require expanding scale by more than 40% from current levels.
On non-financial metrics, having implemented 7 of 15 corporate governance guidelines, the company aims to raise the implementation rate above 60% and has flagged establishing a CEO succession policy as a key task.
On the business side, the growth capital division is pursuing a new blind-pool fund of roughly KRW 300bn, potentially up to KRW 400bn, built on its National Growth Fund mandate, reportedly receiving verbal commitments of about KRW 1tn within two weeks of being selected for the scale-up league GP role.
That large blind-pool fund is reportedly slated to be finalized around October. However, the growth division's pre-IPO-centered exit strategy has also been flagged as facing delays in some portfolio exits amid a softer IPO market and weaker strategic-buyer acquisition capacity.
On governance, new largest shareholder Miri Capital has raised its stake to 26.88% with a stated purpose of 'influencing management,' though its actual involvement in board composition or the investment committee has not been publicly confirmed, making the scope of future involvement a matter to watch. Overall, the company is simultaneously pursuing scale expansion via policy capital and governance reform.
In valuation terms, STIC Investment tends to trade at a modest premium to net asset value, and recently calculated reference multiples have ranged broadly from around 15 times to around 25 times depending on the data provider and reference date.
This likely reflects how the earnings cycle -- high margins in 2023, a sharp profit contraction in 2024, and a partial recovery in 2025 -- has influenced how those multiples are interpreted.
The company currently pays no cash dividend, so non-dividend measures such as treasury share cancellation and governance reform under the value-up plan are at the center of shareholder-return discussions rather than dividends.
With the change of largest shareholder and activist shareholder involvement occurring together, market attention has extended beyond pure earnings metrics to the pace of value-up plan execution and governance stability.
As a result, valuation for this stock can be seen as a composite of the pure earnings cycle and a governance-risk premium.
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 2026-09-04
STIC was selected as GP for the National Growth Fund's uncapped Scale-up League, reaffirming its capacity to raise large-scale capital. Reportedly, it received verbal capital commitments of about KRW 1tn within two weeks of selection, demonstrating strong market interest. This points to potential expansion of its management-fee base going forward.
The firm has sequentially formed blind-pool funds across M&A, growth capital, credit, venture, and real estate/infrastructure divisions, diversifying its fee-income sources.
The credit division added a roughly KRW 430bn fund the year after forming its first fund in 2023, while the M&A division already secured a fund of over KRW 2tn in 2023. This diversification can help cushion the impact of weakness in any single division on overall results.
The company disclosed a value-up plan covering AUM/FPAUM expansion, a higher governance-guideline implementation rate, and establishment of a CEO succession policy through 2028. This is seen as the company's response to sustained pressure from activist and minority shareholders. If executed, it could improve governance transparency and organizational stability.
While founder Do Yong-hwan's stake sale made US-based Miri Capital the largest shareholder (about 26.88%), its board involvement or role in the investment committee has not been publicly confirmed.
Policy financial institutions place significant weight on governance stability and continuity of key personnel when selecting GPs, so how the shift to a foreign FI as largest shareholder affects such assessments remains to be seen.
While management fees are stable, performance fees and investment asset valuation gains/losses swing significantly by quarter. Owners' net profit surged to KRW 12.6bn in Q4 2025 but fell sharply to KRW 1.7bn in Q2 2026. This volatility makes it difficult to gauge earning power from any single quarter's results.
The company currently pays no cash dividend, and minority shareholder groups along with activist investors have repeatedly called for treasury share cancellation and share-price normalization.
At the same time, the growth capital division's pre-IPO-focused exit strategy has been flagged as facing delayed exits for some portfolios amid softer IPO market conditions and weaker strategic-buyer acquisition capacity.
Per its business report, if key personnel change under fund-specific agreements, this can trigger management-fee reductions, reduced capital commitments, or fund operation suspension.
There is no confirmed basis that the shareholder change alone automatically triggers such clauses, but actual applicability depends on each fund's regulations and side letters, warranting continued monitoring.
Because many of the company's portfolio companies are at a growth stage, weak performance can enlarge fair-value-through-profit-or-loss valuation losses or equity-method losses. This can significantly move accounting net profit regardless of actual cash flow.
Recent large fund formations rely heavily on winning policy-fund allocation programs such as the National Growth Fund, so future changes in policy direction or allocation conditions could affect fundraising pace.
Competition among large GPs is also ongoing, so the possibility of losing out to rivals in future allocation programs cannot be ruled out.
Check whether the large blind-pool fund under the National Growth Fund's Scale-up League is finalized and at what size.
Monitor whether the growth capital division's new blind-pool fund of up to KRW 400bn is completed.
Review the Q3 2026 results for the trend in management-fee growth and the direction of performance fees and investment asset valuation gains/losses.
Watch for further stake changes by major shareholders such as Miri Capital, or any expansion of their involvement in the board or investment committee.
Check progress on value-up plan commitments, including a higher governance-guideline implementation rate and establishment of a CEO succession policy.
STIC Investment saw revenue, operating profit, and net profit all rise year on year in 2025, emerging from 2024's earnings slump, though margins have yet to return to 2023's high levels.
Quarterly net profit varies widely depending on when performance fees are recognized, and the large Q4 2025 performance fee notably drove trailing four-quarter results.
On the business front, the company has laid groundwork for expansion through its National Growth Fund GP mandate and multi-division blind-pool fund formation, and has itself set a target of KRW 15tn in AUM by 2028.
On the other hand, the shift of largest shareholder from the founder to a US-based FI, ongoing pressure from activist shareholders, the absence of dividends, and delayed exits in the growth division remain unresolved variables.
On governance, the scope of the new largest shareholder's actual management involvement and whether key personnel stability is maintained will be central points to watch going forward.
Overall, this stock sits at a juncture where earnings recovery and business expansion opportunities coexist with uncertainty from a governance transition.
Report written 2026-09-05 · Data as of 2026-09-04
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