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
Daesung Private Equity restarted new fund formation in late 2025 with a secondary vehicle after a three-year fund drought caused by a penalty from Korea's Fund of Funds, but its earnings continue to swing sharply quarter to quarter based on non-operating items such as fund performance fees and equity-method gains.
Full-year 2025 revenue and net income attributable to owners fell sharply from 2024, but the company posted four consecutive quarters of profit from 2025Q3 through 2026Q2.
In December 2025, the company formed the KRW 30 billion 'Daesung Secondary Investment Association No.2,' resuming new fund formation for the first time in three years and lifting AUM to roughly KRW 360 billion.
Revenue is dominated by fund management fees, while performance fees and equity-method gains—both non-operating in nature—drive structurally high earnings volatility.
The largest shareholder is Daesung Holdings (48.64% stake), and under an ownership structure where the founding family controls more than half of shares, the company prioritizes reinvestment and fund-raising over dividends.
Korea's venture capital industry in 2026 is expected to benefit from expanded policy funding and secondary-market growth, yet exit-market uncertainty persists, as seen in a decline in first-half IPO listings.
Daesung Private Equity is a venture capital firm founded in 1987 that operates as a licensed technology finance business under the Specialized Credit Finance Business Act, primarily investing in venture companies and forming and managing investment associations.
The largest shareholder is Daesung Holdings, the holding company of Daesung Group, with a 48.64% stake, and Chairman Kim Young-hoon holds an additional 3.1%, giving the founding family control of more than half the shares.
As of the end of March 2026, the firm managed associations totaling approximately KRW 380.6 billion, including venture investment associations and an agriculture-fisheries-food investment association.
Revenue is composed of investment income, association income (fund management fees and equity-method gains from associations), operating investment income, and other operating revenue, with fund management fees representing the largest share.
According to FnGuide analysis, fund management fee income accounted for roughly 59% of revenue. Past portfolio holdings have included Shift Up, APR, Dunamu, and Krafton, with the Shift Up stake—listed on the KOSPI—having contributed meaningfully to results.
The company invests across a range of sectors including cultural content, energy, bio, environment, ICT, gaming, beauty, and entertainment-tech, and its newest secondary fund targets gaming, beauty, and entertainment-tech as key investment areas.
It also operates policy-linked programs such as an outsourced startup incubation center at its Gwangju branch to support regional small and mid-sized enterprises. Competitors include Atinum Investment, Plutos Investment, SUNP Investment, Q Capital Partners, and Woori Venture Partners.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.6B | ₩28,538,121 | 1.1% |
| 2025Q3 | ₩1.7B | ₩28,649,714 | 1.7% |
| 2025Q4 | ₩2.9B | ₩200M | 8.1% |
| 2026Q1 | ₩1.4B | -₩300M | −24.7% |
| 2026Q2 | ₩4.6B | ₩3B | 65.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩13.7B | ₩1B | ₩800M | 7.5% | 1.3% | 2.5% |
| 2023 | ₩12.4B | ₩2.1B | ₩2.2B | 16.6% | 2.6% | 1.6% |
| 2024 | ₩20.1B | ₩10.2B | ₩13.8B | 51.0% | 14.0% | 1.7% |
| 2025 | ₩9.3B | ₩800M | ₩300M | 8.6% | 0.3% | 0.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue expanded from KRW 13.66 billion in 2022 to KRW 12.36 billion in 2023 and KRW 20.09 billion in 2024, before falling sharply to KRW 9.25 billion in 2025.
Operating profit likewise peaked at KRW 10.24 billion (51.0% operating margin) in 2024 before plunging to KRW 0.80 billion (8.6% margin) in 2025, and net income attributable to owners fell from KRW 13.85 billion in 2024 to KRW 0.31 billion in 2025.
The exceptional 2024 performance is attributed to fund performance fees rising more than 20-fold year over year combined with an increase in equity-method gains from the appreciation of the Shift Up stake.
In contrast, 2025 results were weighed down by a gap in new fund formation and a slowdown in portfolio revaluation, which sharply reduced both performance fees and operating investment income.
On a quarterly basis, net income attributable to owners posted a large loss of KRW -2.80 billion in 2025Q2 before turning profitable for two consecutive quarters, at KRW 1.21 billion in 2025Q3 and KRW 1.58 billion in 2025Q4.
Operating profit fell back into a loss of KRW -0.35 billion in 2026Q1, yet net income stayed modestly positive at KRW 0.23 billion, and both metrics improved markedly in 2026Q2, with operating profit of KRW 2.99 billion and net income of KRW 2.34 billion.
Over the most recent four quarters (2025Q3 through 2026Q2), cumulative net income attributable to owners totaled roughly KRW 5.37 billion, marking a clear move away from the large loss recorded in 2025Q2.
This quarterly volatility reflects a structural feature of the technology finance business, where results swing significantly depending on the timing of non-operating items such as fund performance fees and equity-method gains.
On the cash flow side, operating cash flow turned to a net outflow of KRW -11.93 billion in 2025, a stark contrast to the KRW 18.77 billion inflow in 2024, likely reflecting differences in the timing of capital calls and distributions across investment associations.
Korea's venture capital industry is assessed to have entered a gradual recovery phase in 2026 after a prolonged capital crunch through 2025.
Analysts note that expanded policy funding such as the National Growth Fund, regulatory refinements, and expectations of exit-market normalization are simultaneously moving the three pillars of fund formation, investment, and exit.
However, this recovery is described less as a return to size-driven expansion and more as a transition where VCs' fundamental capabilities are being tested through DPI, or actual cash distributed to paid-in capital.
On the exit side, the secondary market is emerging as a mainstream liquidity option that reduces reliance on IPOs, and Korea's securities industry has announced plans to deploy up to KRW 1 trillion into the venture secondary market over the next three years.
Still, the number of new listings in Korea in the first half of 2026 stood at 17, less than half of the 38 recorded a year earlier, with proceeds down 49% year over year, underscoring continued uncertainty in IPO-driven exits.
Against this backdrop, listed venture capital stocks were reported to have delivered substantial outperformance relative to the KOSDAQ index over 2025, which market observers attributed to expectations around exits and revaluation.
Daesung Private Equity re-entered this recovering environment with a new secondary fund after a three-year fund drought, competing against rivals such as Atinum Investment and Woori Venture Partners for policy-fund allocation programs.
Daesung Private Equity completed the formation of the KRW 30 billion 'Daesung Secondary Investment Association No.2' in December 2025, resuming new fund-raising for the first time in three years.
This came about two months after the company was selected as the general partner for the secondary segment of the Fund of Funds' 'LP First-Step Fund,' and the company said it plans to begin deploying capital from this fund starting in the first quarter of 2026.
The company also indicated plans to expand the fund's size further through multiple closings, citing ongoing discussions with several limited partners.
The new secondary fund's primary objective is to acquire existing shares of domestic small and mid-sized enterprises, building on the track record of the earlier KRW 25 billion 'Daesung Secondary Investment Association,' which was liquidated with an internal rate of return of 38% and total distributions of KRW 115 billion.
Management has stated that prioritizing investment and fund-raising over dividends—expanding AUM toward a long-term target of KRW 1 trillion and raising the GP commitment ratio to strengthen profitability—better serves the interests of all shareholders.
For funds approaching maturity, the company plans to pursue term extensions to maximize the recovery value of remaining portfolio holdings. Target sectors for the new fund include gaming, beauty, and entertainment-tech, drawing on the company's track record of successful investments in Shift Up, APR, and Bigc.
Daesung Private Equity's valuation warrants interpretation with the understanding that, given the nature of its technology finance business, quarterly net income swings significantly based on the timing of equity-method valuations and performance-fee recognition rather than core operations alone.
Its share price relative to net assets has historically traded at low multiples over several years, and the recent shift from a large quarterly loss to a run of profitable quarters over the last four quarters is a relevant reference point for assessing its financial structure.
On dividend policy, the company has consistently prioritized fund-raising and new investment capital over cash dividends, making simple comparisons of payout tendencies with other listed VCs difficult.
Given industry data showing that listed VC stocks as a group substantially outperformed the KOSDAQ index over 2025, it is worth noting that individual valuations in this sector tend to move in tandem with sector-wide exit expectations.
This, however, reflects a market tabulation of past sector-wide performance and is not a judgment about the future price direction of any individual stock.
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 2026-09-05
After a three-year fund drought, the company successfully formed a new secondary fund in December 2025 and is considering further size increases through multiple closings. Management has set a long-term goal of expanding AUM toward KRW 1 trillion.
The 38% internal rate of return achieved by its previous secondary fund provides a track record that could support LP confidence in future fund formation.
The company holds stakes in successfully listed portfolio companies such as Shift Up and APR, leaving room for further equity-method gains or profit recognition from selling residual stakes. The sharp jump in 2024 results was itself driven by such portfolio value appreciation.
Expanded policy funding such as the National Growth Fund, the rise of the secondary market as a mainstream liquidity option, and the securities industry's plan to expand venture secondary investments all support industry-wide expectations for improved exit conditions in 2026.
Revenue and net income fell sharply year over year in 2025, and the company posted a large net loss in 2025Q2, illustrating how results swing significantly depending on the timing of performance-fee and equity-method gain recognition. This reduces the predictability of results.
A penalty following the 2023 return of GP status for both the Fund of Funds and Korea Growth Investment Corp. halted new fund formation for three years, weakening the company's fee-earning base.
The new secondary fund, at KRW 30 billion, is relatively small, so its near-term contribution to management fee income may be limited.
The company has stated it currently has no dividend plans, and under an ownership structure where Daesung Holdings and the founding family hold more than half of shares, it maintains a policy of prioritizing reinvestment over dividends.
Given the nature of the technology finance business, a substantial portion of net income depends on equity-method valuations of unlisted holdings or the share price movements of listed holdings, meaning results can swing considerably with changes in equity markets or interest rate conditions.
Uncertainty in the IPO-driven exit environment remains, as seen in the sharp year-over-year decline in the number of new domestic listings and proceeds raised in the first half of 2026. Changes in the allocation criteria of policy-fund programs could also affect future fund-raising.
Having previously returned its GP status, the company faces the risk that if multiple closings for the new secondary fund or subsequent fund formations do not proceed as planned, the timeline for expanding management fee income could be delayed.
The 2026Q3 preliminary earnings disclosure should be checked to assess the investment execution progress of the second secondary fund and whether fund performance fees are recovering.
Approval of term extensions for maturing funds and progress on exiting remaining portfolio holdings through sales or IPOs should be monitored.
Whether the company secures additional GP selections should be checked to gauge the durability of its fund-raising momentum.
The degree of recovery in the domestic IPO market and its impact on performance fees and equity-method gains from held portfolio companies should be examined.
Daesung Private Equity is a technology finance-licensed venture capital firm founded in 1987, whose new fund formation was halted for three years by a penalty following the 2023 return of GP status to the Fund of Funds and Korea Growth Investment Corp., before resuming in December 2025 with a new secondary fund.
Annual results peaked in 2024 with revenue of KRW 20.09 billion and net income attributable to owners of KRW 13.85 billion, before contracting sharply in 2025 to revenue of KRW 9.25 billion and net income of KRW 0.31 billion.
Quarterly results swung from a large net loss of KRW -2.80 billion in 2025Q2 to four consecutive profitable quarters from 2025Q3 through 2026Q2, totaling roughly KRW 5.37 billion in cumulative net income attributable to owners.
A substantial portion of earnings depends on non-operating items beyond fund management fees—namely performance fees and equity-method gains—leading to large quarterly variation tied to portfolio value and exit timing.
Korea's venture capital industry is seen as being in a gradual recovery in 2026, supported by expanded policy funding and secondary-market growth, though exit-market uncertainty persists, as reflected in a decline in first-half IPO listings.
Under an ownership structure centered on the founding family, Daesung Private Equity continues to prioritize reinvestment and fund-raising over dividends, and the deployment of its new secondary fund along with the extension and exit progress of maturing funds are likely to be key variables for future results.
Report written 2026-09-05 · Data as of 2026-09-04
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