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
Mirae Asset Venture Investment posted sharply higher operating profit and net income in 2025 on a wave of portfolio company listings, and 2026 attention centers on whether further exits from large holdings such as Rebellions, Moloco, and SpaceX materialize.
Consolidated operating profit rose sharply year on year in 2025, and net income attributable to owners also increased substantially.
The Q4 2025 KOSDAQ listings of portfolio companies including Semifive, CMTX, and Revs Med were a key driver of the earnings improvement.
New fund formation and assets-under-management ranking both declined in 2025.
The listing schedules of large unlisted portfolio holdings such as Rebellions and Moloco are cited as the next potential earnings inflection point.
Narratives around the SpaceX investment have previously driven sharp share price swings and an exchange investment-caution designation.
Mirae Asset Venture Investment is a venture capital firm founded in 1999 and listed on KOSDAQ in 2019, operating both as a startup investment company and, under the Capital Markets Act, through private equity funds (PEFs).
Its revenue mix is overwhelmingly weighted toward the VC segment at about 90.46%, with other segments contributing 8.23% and the PE segment 1.31%.
The firm has cumulatively raised roughly 2.0829 trillion won through 53 VC investment associations and 6 institution-only private collective investment vehicles, and holds 31 unlisted subsidiaries.
Its investment coverage spans ICT manufacturing/services, biotech/healthcare, and entertainment/retail-consumer sectors broadly.
The company's strategy relies on forming numerous small funds to cover diverse industries and maintain a fast investment turnover, a 'small-fund' approach it credits for a reported 21 consecutive years of profitable operation.
Its business model combines proprietary-account direct investment with fund-based indirect investment, with performance fees and valuation/disposal gains forming the core of earnings.
In terms of competitive positioning, HB Investment, Woori Technology Investment, LB Investment, and NAU IB Capital are cited as comparable domestic VCs, while in large-scale fundraising leagues the firm competes with trillion-won-class houses such as Skylake Equity Partners and Atinum Investment.
A notable feature is its practice of co-investing in large deals such as SpaceX and Rebellions alongside group affiliates including Mirae Asset Securities and Mirae Asset Capital.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩85.9B | ₩4.4B | 5.2% |
| 2025Q3 | ₩21.8B | ₩9.8B | 45.0% |
| 2025Q4 | ₩113.8B | ₩22.2B | 19.5% |
| 2026Q1 | ₩53.7B | ₩15.1B | 28.1% |
| 2026Q2 | ₩86.1B | ₩22.4B | 26.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩218B | ₩59.2B | ₩56.1B | 27.2% | — | 249.7% |
| 2023 | ₩217B | ₩31.9B | ₩24.5B | 14.7% | — | 224.2% |
| 2024 | ₩233.9B | ₩15.7B | ₩8.6B | 6.7% | — | 201.4% |
| 2025 | ₩239.8B | ₩35.1B | ₩30.9B | 14.6% | — | 190.8% |
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
Consolidated 2025 revenue came in around 239.8 billion won, a modest increase from roughly 233.9 billion won in 2024, while operating profit expanded sharply to about 35.1 billion won from approximately 15.7 billion won in 2024.
Net income attributable to owners likewise jumped to roughly 30.9 billion won in 2025 from about 8.6 billion won in 2024.
Industry sources attributed this swing mainly to rising valuations and increased valuation/disposal gains tied to portfolio company listings, with core holdings Semifive, CMTX, and Revs Med all completing KOSDAQ listings in the fourth quarter of 2025, materially lifting book valuation gains and driving the earnings rebound.
On a quarterly basis, Q3 2025 revenue was only about 21.8 billion won yet operating profit reached roughly 9.8 billion won on an unusually high margin, while Q4 revenue surged to about 113.8 billion won with operating profit near 22.2 billion won and owner net income of about 19.2 billion won, concentrating a large share of annual results in the fourth quarter.
This pattern continued into 2026, with Q1 revenue of about 53.7 billion won and operating profit of roughly 15.1 billion won, followed by Q2 revenue of about 86.1 billion won, operating profit of about 22.4 billion won, and owner net income of about 16.4 billion won, bringing the trailing four-quarter sum (Q3 2025 through Q2 2026) of owner net income to roughly 54.0 billion won.
Notably, 2022 recorded the highest operating profit (about 59.2 billion won) and net income (about 56.1 billion won) of the recent four-year window before consecutive declines in 2023-2024 and a renewed recovery in 2025, illustrating how heavily results swing with portfolio listing and exit timing in this industry.
Operating cash flow has also been volatile, swinging from a net outflow of roughly 53.3 billion won in 2022 to a net inflow of about 129.3 billion won in 2024.
Owners' equity on the balance sheet has been negative every year, a feature stemming from the VC-specific consolidation structure in which non-controlling interests (NCI) tied to consolidated funds were valued at roughly 679.6 billion won at end-2025; the debt ratio, meanwhile, has gradually eased from 249.7% in 2022 to 190.8% in 2025, though it remains elevated.
The domestic venture capital industry is positioned to benefit from a large-scale policy fund, the National Growth Fund (planned at a total of 150 trillion won), expected to channel capital through direct investment, indirect investment, infrastructure investment, and ultra-low-rate lending.
Indirect investment, which involves capital injections into domestic funds, is cited as a factor that could expand future new venture-fund formation amounts.
At the individual company level, however, Mirae Asset Venture Investment's new fund formation in 2025 shrank to about one-fifth of the prior year's level, and its assets-under-management ranking slipped from 13th in 2024 to 17th in 2025, indicating the firm lagged somewhat in fundraising competition.
On the exit side, total 2025 recoveries fell by nearly 400 billion won versus 2024, partly a base effect from a large one-off event in 2024 (the maturity redemption of Wave's convertible bond) and partly because lock-up periods on portfolio companies that listed in Q4 2025 had not yet expired, deferring actual share sales to later periods.
Industry-wide, screening standards for technology special listings have been tightening, leaving uncertainty around whether and when unlisted portfolio companies will clear listing reviews.
In terms of competitive positioning, large-league fundraising continues to concentrate among bigger houses such as Skylake Equity Partners and Atinum Investment, which have secured trillion-won-scale fundraises, widening the scale gap with Mirae Asset Venture Investment's small-fund strategy.
Following the Q4 2025 listings of Semifive, CMTX, and Revs Med, attention from 2026 onward turns to whether exit visibility expands for large unlisted holdings such as Rebellions, Moloco, Upstage, and SpaceX, which are seen as the next earnings inflection point.
Rebellions has selected Samsung Securities and JP Morgan as IPO lead underwriters and is targeting a preliminary listing review filing in Q3 2026; the company was reportedly valued at 3.4 trillion won in its latest pre-IPO funding round, in which Mirae Asset Venture Investment participated as a follow-on investor.
That said, the preliminary review filing has reportedly been delayed by two to three months due to overlapping fundraising for the National Growth Fund, leaving the actual listing timeline uncertain.
Some industry observers note Rebellions may pivot toward a KOSPI listing rather than KOSDAQ, under which even a loss-making company can list if its market capitalization at the confirmed offering price exceeds 1 trillion won.
Moloco is targeting a Nasdaq listing, with market commentary suggesting a listing sometime between 2026 and 2027. The SpaceX investment, reportedly around 4 billion won deployed via a project fund in 2023, will likely remain a focal point for how post-listing equity value changes flow through to the company's results.
Whether the National Growth Fund's indirect-investment capital translates into actual new venture fund formation, and whether that benefit flows through to a recovery in Mirae Asset Venture Investment's own fundraising performance, also remains a variable to watch.
With net income on a recovery trajectory, the price-to-earnings multiple appears to be trading at a lower level than during the period of weaker earnings.
However, because owners' equity is recorded as negative every year under the consolidated accounting structure, net-asset-based metrics such as price-to-book are not straightforward to interpret in the conventional way.
The company has not paid dividends through its most recent fiscal years, so dividend-related metrics have not been established, consistent with a VC business model built around performance fees and valuation/disposal gains on equity stakes.
The share price has shown considerable volatility tied to narratives around the SpaceX investment and expectations around KOSDAQ revitalization policy, a period during which the exchange issued investment-caution-related notices, and this volatility should be weighed alongside any valuation assessment.
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
The sequential KOSDAQ listings of Semifive, CMTX, and Revs Med in Q4 2025 began flowing valuation and disposal gains into earnings. Both operating profit and owner net income rose sharply year on year in 2025, and this improving trend continued through Q1-Q2 2026. As lock-up periods expire and share sales accelerate, this could also translate into realized exit performance.
Large unlisted assets the company has invested in since early stages, including Rebellions, Moloco, and SpaceX, are now progressing through listing preparation and follow-on funding rounds. Rebellions was recently valued at 3.4 trillion won in a pre-IPO round, and Moloco is targeting a Nasdaq listing. Successful listings of these assets could translate into expanded equity valuation gains.
The government-driven National Growth Fund is planned at a total of 150 trillion won, with its indirect-investment component structured to expand capital supply to venture, small, and mid-sized companies through domestic fund commitments. This is cited as a factor that could expand future new venture-fund formation. However, there may be a time lag before sub-fund formation and actual capital deployment materialize.
Quarterly results vary widely, as seen in revenue jumping from roughly 21.8 billion won in Q3 2025 to about 113.8 billion won in Q4. This reflects the VC industry's heavy reliance on non-recurring valuation and disposal gains.
As seen in the consecutive earnings declines of 2023-2024 following the 2022 peak, a similar downturn cannot be ruled out in the future.
New fund formation in 2025 shrank to about one-fifth of the prior year, and the assets-under-management ranking fell from 13th in 2024 to 17th in 2025. In particular, PEF-segment AUM was cut roughly in half following fund liquidations.
Falling behind in fundraising competition could weaken future new-investment capacity and the base for future performance fees.
Triggered by narratives around the SpaceX investment, the share price experienced sharp short-term swings, and the Korea Exchange issued notices in April 2026 designating the stock for excessive concentration of buying in a small number of accounts and pre-announcing an investment-warning designation.
The company's own IR sent a letter cautioning investors against over-interpreting its portfolio. This narrative-dependent volatility is a factor that could widen the gap between actual fundamentals and the share price.
Even after a portfolio company lists, actual share sales and cash recovery can be delayed by lock-up periods and market conditions. The Q4 2025 listings of Semifive, CMTX, and Revs Med, for instance, were not reflected in that year's exit performance because lock-ups had not yet expired. The listing schedules for large assets such as Rebellions and Moloco are likewise not confirmed and could slip.
As seen in the 2025 AUM ranking decline and roughly halved PEF-segment assets, there is a risk of falling further behind larger houses in fundraising competition. Weak new fund formation could erode future investment execution capacity and the base for performance fees.
There is also a possibility that expected policy fund inflows do not translate into improved fundraising results for the individual company.
Excessive concentration of market attention on specific portfolio holdings such as SpaceX has previously triggered exchange investment-caution and investment-warning-related notices. If information about a particular asset is distorted or over-interpreted, share price volatility could widen further.
The company also faces an ongoing burden to manage such misunderstandings through disclosures and investor relations.
Check the Q3 2026 quarterly report filing to assess whether follow-on investments such as in Rebellions and valuation gains on existing portfolio holdings are reflected.
Confirm whether Rebellions files for and receives results of its preliminary listing review, and monitor whether it ultimately targets KOSPI or KOSDAQ.
Track progress on Moloco's Nasdaq listing effort; a successful listing could become a factor for expanded equity valuation gains.
Check for disclosures on new sub-fund formation or capital commitments tied to the National Growth Fund, watching whether this feeds through to a recovery in the company's fundraising performance.
Watch for any disclosures on disposal of the SpaceX stake, follow-up filings, or additional guidance from company IR.
Mirae Asset Venture Investment saw operating profit and net income improve sharply on the back of a Q4 2025 portfolio listing rally, a trend that continued through the first half of 2026.
However, new fund formation and assets-under-management rankings both contracted, revealing a gap between earnings improvement and fundraising competitiveness.
Whether large unlisted holdings such as Rebellions, Moloco, and SpaceX list and are exited is cited as the next earnings inflection point, though listing timelines have been delayed multiple times and market direction has shifted, leaving uncertainty.
The structural feature of owners' equity being recorded as negative every year under consolidated accounting warrants caution when interpreting traditional net-asset metrics.
The share price has shown considerable volatility tied to specific portfolio narratives, a period during which the exchange issued investment-caution-related notices.
Ahead of any investment decision, it is worth examining the reliance of quarterly results on non-recurring factors, trends in fundraising and AUM, and the progress of exits from large portfolio holdings.
Report written 2026-09-05 · Data as of 2026-09-04
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