PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
TS Investment swung from an operating loss in 2024 back to an operating profit of KRW 9.0 billion and net profit of KRW 7.0 billion in 2025, but quarterly earnings in 2026 continue to swing sharply, underscoring how sensitive this venture capital firm's results remain to non-operating valuation gains and losses.
Consolidated operating profit reached KRW 9.02 billion and net profit attributable to owners KRW 7.02 billion in 2025, reversing a 2024 operating loss of KRW 3.0 billion.
After an operating loss of KRW 2.70 billion and net loss of KRW 2.25 billion in Q1 2026, the company rebounded with operating profit of KRW 5.42 billion and net profit of KRW 4.37 billion in Q2 2026, highlighting large quarter-to-quarter swings.
Following the late-2025 hiring of CEO Lee Dong-hyun, former head of Shinhan Venture Investment, the firm has split its VC and M&A divisions under a 'TS 2.0' reorganization.
The company was selected as the sole GP for the corporate succession M&A category in the 2026 Mo-fund program, securing KRW 40 billion in policy capital and targeting a first closing in October for its 18th M&A fund of at least KRW 100 billion.
Portfolio company Furiosa AI reportedly pivoted to independent fundraising after Meta's acquisition proposal fell through, leaving the timing of any eventual exit uncertain.
Founded in 2008 and listed on KOSDAQ in 2016, TS Investment is a venture capital firm whose core business is investing in founders and venture companies and forming and managing investment partnerships (funds).
As the general partner (GP) of each fund, the firm earns management and performance fees, and valuation gains or losses on the funds' equity holdings flow into its results through equity-method gains.
The business is split into a VC arm focused on early- and growth-stage venture investment and an M&A arm handling buyouts and control-stake acquisitions; since late 2025 these have operated separately under co-CEOs Lee Dong-hyun (VC division) and Hwang Jeong-hyun (M&A division) as part of a 'TS 2.0' restructuring.
The firm manages assets under management exceeding KRW 1 trillion and recently continued its buyout activity by acquiring a 90% controlling stake in Kostec Technology, a non-destructive testing equipment specialist.
On the exit side, its investment in defense-parts maker Coats Technology delivered an internal rate of return of 33.7% and roughly 2.7 times the invested capital over about five years, while a stake sale in Samjin Food after lock-up expiry secured a return multiple of around 3 times.
On the venture side, the firm holds an early-stage position in AI chip designer Furiosa AI, having participated in its Series C round.
Competitively, it vies with other listed and unlisted domestic venture capital firms such as DSC Investment, NOW IB, and Capstone Partners for policy fund allocations and quality deal sourcing.
The company is also pursuing value-chain synergy with early-stage deal sourcing through its accelerator subsidiary, New Paradigm.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.9B | -₩100M | −1.8% |
| 2025Q3 | ₩4.1B | ₩1B | 24.4% |
| 2025Q4 | ₩6.4B | ₩7.3B | 112.8% |
| 2026Q1 | ₩4.9B | -₩2.7B | −54.7% |
| 2026Q2 | ₩7.1B | ₩5.4B | 76.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩27.3B | ₩11.6B | ₩8.1B | 42.7% | 11.7% | 34.2% |
| 2023 | ₩26.2B | ₩14.3B | ₩10.3B | 54.7% | 12.5% | 21.1% |
| 2024 | ₩17.6B | -₩3B | -₩2.4B | −17.1% | −3.0% | 9.7% |
| 2025 | ₩19.6B | ₩9B | ₩7B | 46.0% | 7.7% | 27.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
TS Investment's annual results show wide year-to-year swings, reflecting the heavy weight of non-operating gains and losses typical of the venture capital business.
In 2022 the company posted revenue of KRW 27.25 billion, operating profit of KRW 11.64 billion (a 42.7% operating margin), and net profit attributable to owners of KRW 8.13 billion; in 2023, revenue was KRW 26.17 billion with operating profit of KRW 14.30 billion (54.7% margin) and owners' net profit of KRW 10.32 billion, as margins expanded further.
However, 2024 revenue fell to KRW 17.60 billion and the company swung to an operating loss of KRW 3.00 billion and a net loss attributable to owners of KRW 2.44 billion, a reversal attributed largely to non-operating valuation losses on investment assets.
In 2025, revenue recovered to KRW 19.62 billion with operating profit of KRW 9.02 billion (a 46.0% margin) and owners' net profit of KRW 7.02 billion, marking a return to profitability.
On a quarterly basis, Q2 2025 posted an operating loss of KRW 0.11 billion yet still generated net profit of KRW 0.40 billion, Q3 2025 delivered operating profit of KRW 1.01 billion and net profit of KRW 0.96 billion, and Q4 2025 was the strongest quarter of the year with operating profit of KRW 7.26 billion and net profit of KRW 5.22 billion.
The pattern then reversed sharply, with Q1 2026 recording an operating loss of KRW 2.70 billion and a net loss of KRW 2.25 billion before rebounding in Q2 2026 to operating profit of KRW 5.42 billion and net profit of KRW 4.37 billion.
These swings appear to stem from an accounting structure in which equity-method gains and derivative valuation gains or losses on portfolio holdings can be concentrated in particular quarters.
Over the trailing four quarters (Q3 2025 through Q2 2026), net profit attributable to owners totaled KRW 8.30 billion, exceeding full-year 2025 profit, though the sizable quarterly dispersion makes it difficult to draw firm trend conclusions from any single period.
The domestic venture capital industry relies heavily on government fund-of-funds programs such as the Mo-fund and the National Growth Fund, and its fundraising and exit cycles are strongly tied to conditions in the IPO market.
In the 2026 Mo-fund program's corporate succession M&A category, TS Investment was selected as the sole general partner after competing against a total of six firms, securing priority access to policy capital.
This reflects market recognition of the M&A track record the firm has built since its founding in 2008 as a corporate restructuring specialist.
At the same time, the company has recruited CEO Lee Dong-hyun and reorganized to strengthen its comparatively less prominent VC division, mirroring an industry-wide trend in which competition among houses extends beyond M&A capability to the quality of VC portfolios and exit performance.
Industry-wide, reports indicate that heightened risk aversion amid economic and financial-market volatility has weighed on the IPO market, constraining capital-recovery opportunities across the sector.
Against this backdrop, some deep-tech portfolio companies such as Furiosa AI have seen listing plans delayed or acquisition talks collapse, adding uncertainty to the exit timing for their early investors.
By contrast, M&A deals in sectors such as defense and industrial components have continued to deliver comparatively steady returns, suggesting the M&A and VC arms of the business are currently moving through different cycles.
For 2026 the firm has positioned its strategy around 'dual-track growth' in M&A and VC, with the most visible near-term milestone being the formation of its 18th M&A fund, targeted at a minimum of KRW 100 billion, aiming for a first closing in October.
Built on KRW 40 billion in Mo-fund policy capital, the key variable to watch is whether additional anchor limited partners can be secured.
The VC division plans to hire up to three additional investment professionals to bolster technology-focused investing capability, while also exploring co-investment and research ties with its accelerator subsidiary, New Paradigm.
The firm is also using unallocated capital (dry powder) remaining in its 15th, 16th, and 17th funds to sustain investment momentum ahead of the new fund's formation.
On the portfolio side, Furiosa AI is reportedly pursuing a fundraising round of up to KRW 90 billion at an KRW 830 billion valuation following the collapse of Meta's acquisition proposal, and the completion and terms of that round could affect the valuation of related equity stakes.
The company also plans to continue bidding for additional policy fund programs such as the National Growth Fund, raising the possibility of further GP selection outcomes before year-end.
These fund formation and policy capital plans remain in progress and unconfirmed, however, and the actual closing size and timing will need to be verified through future disclosures and industry reporting.
Because a substantial share of TS Investment's profit stems from non-operating items such as equity-method valuation gains and derivative valuation gains or losses, care is needed when annualizing profit from any single period into a valuation multiple.
Market data providers have noted that the stock's price-to-book ratio has traded below its five-year average multiple. Dividends are paid annually but in modest amounts, and the dividend yield is reported to run below the sector average.
Looking at the trailing four quarters, loss-making and profit-making quarters have alternated, illustrating a valuation characteristic of this industry in which multi-year earnings trends and fund formation/exit schedules matter more than any single quarter's or year's multiple.
No recent brokerage price target commentary meeting sourcing and recency requirements was identified within the scope of this search.
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
The company swung from a 2024 operating loss of KRW 3.00 billion and net loss of KRW 2.44 billion to 2025 operating profit of KRW 9.02 billion and net profit of KRW 7.02 billion. The operating margin also recovered to 46.0%, approaching the high-margin levels seen in 2022-2023.
In Q2 2026 the firm posted operating profit of KRW 5.42 billion and net profit of KRW 4.37 billion, largely offsetting the Q1 loss.
The firm was selected as the sole GP for the corporate succession M&A category of the 2026 Mo-fund program after beating out five competitors, securing KRW 40 billion in policy capital.
It has an established exit track record in M&A and secondary deals, including a 33.7% IRR and 2.7x return on its Coats Technology investment and a roughly 3x multiple realized on its Samjin Food stake sale. The firm also continues new deployment, recently acquiring a 90% controlling stake in Kostec Technology.
The firm holds an early-investor position in AI chip company Furiosa AI, having invested KRW 5 billion in its Series C round.
Furiosa AI has drawn market attention amid expectations around government policy favoring domestic AI chips, and any future listing or additional funding round could affect the valuation of related holdings.
The firm is also strengthening early-stage deal sourcing through VC division hiring and ties with its accelerator, New Paradigm.
Q1 2026 saw an operating loss of KRW 2.70 billion and net loss of KRW 2.25 billion, quickly giving back the strong Q4 2025 result. A large share of profit stems from non-operating items such as equity-method and derivative valuation gains, making it difficult to infer a trend from any single quarter. This structure reduces the reliability of quarter-to-quarter earnings forecasting.
Meta's proposed acquisition of Furiosa AI reportedly fell through, and Furiosa AI is said to have pivoted toward independent fundraising rather than a public listing. This creates uncertainty around the exit timing for early investors such as TS Investment.
If the broader IPO market remains subdued, the exit schedules for other portfolio companies could also be affected.
The 18th M&A fund, targeted at over KRW 100 billion, reportedly has not yet secured an anchor limited partner, and whether the planned October first closing will proceed on schedule remains unconfirmed.
The VC division's reorganization and hiring plans are also still in the execution stage and may take time to translate into results.
The domestic venture investment market is heavily influenced by IPO market conditions, and reports indicate that periods of heightened economic and financial market volatility have repeatedly triggered increased investor risk aversion and constrained capital recovery. In such environments, both new fund formation and portfolio company exits can be delayed simultaneously.
A significant portion of profit arises from non-operating items such as equity-method and derivative valuation gains, resulting in very large quarterly swings. As the sharp reversal between Q1 and Q2 2026 illustrates, short-term results alone are difficult to use in assessing the company's sustained earning power.
Organizational changes including a new CEO hire and the split of the VC and M&A divisions were still underway as of late 2025, and the execution track record of the new 'TS 2.0' strategy remains unproven.
The governance structure, in which founding members and related parties hold significant equity influence, is also a factor to consider in future decision-making.
Target first-closing date for the 18th M&A fund of at least KRW 100 billion; worth confirming whether anchor LP commitments and the actual fund size materialize as planned.
Once Q3 2026 results are disclosed, it will be worth checking whether the sharp swings seen in Q1-Q2 2026 continue or stabilize.
Confirming whether Furiosa AI completes its funding round of up to KRW 90 billion and at what confirmed valuation will help gauge potential impacts on related portfolio valuation gains.
If TS Investment is named as a GP in additional policy fund programs such as the National Growth Fund, this would affect the pace of new fund formation and the scale of policy capital secured.
TS Investment returned to profitability in 2025 after a 2024 loss, but the alternating loss in Q1 2026 and profit in Q2 2026 show that non-operating earnings sensitivity, a hallmark of the venture capital business, remains the key swing factor.
The firm is pursuing a 'TS 2.0' strategy via the hiring of CEO Lee Dong-hyun and the split of its VC and M&A divisions, with near-term catalysts centered on its sole GP selection for the 2026 Mo-fund's corporate succession M&A category and the formation of its 18th M&A fund, targeted for a first closing in October.
On the portfolio side, successful exits from Coats Technology and Samjin Food stand alongside uncertainty created by the collapse of Meta's proposed Furiosa AI acquisition and Furiosa AI's pivot to independent fundraising.
Market data suggests the stock trades at a book-value multiple below its historical average, but given the non-operating volatility in earnings, a multi-year view of profit trends and fund formation/exit schedules is more informative than any single metric.
Whether the new fund secures anchor LP commitments and whether quarterly results stabilize going forward are the key items to watch next.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.