PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close
StoneBridge Ventures is showing performance-fee-driven earnings improvement as multiple venture funds enter their harvest phase simultaneously, though quarterly volatility and market dependence have grown in tandem.
2025 revenue reached KRW 25.5bn with operating margin at 52.7%, marking a step-up in profitability.
Q1 2026 operating profit of KRW 15.2bn already exceeded the full-year 2025 figure in a single quarter.
Q2 2026 profitability slowed sharply versus Q1 due to performance-fee-linked compensation timing and reduced equity-method gains.
AUM expanded to roughly KRW 1.7tn following the formation of new funds including AI Global No.1 and No.2.
Multiple portfolio exits are proceeding in parallel, including listings and monetizations of holdings such as Revs Med and Nota.
StoneBridge Ventures is an independent venture capital firm established in 2017 through a spin-off of the VC division from private equity firm StoneBridge Capital. The company is currently regarded as a top-five player among independent Korean VCs.
Its revenue structure splits mainly into management fees earned for operating funds and performance fees generated when funds exceed their hurdle rate of return. Since 2015 the firm has pursued a multi-vintage strategy, forming funds across different years to spread out exit timing and smooth earnings volatility.
Assets under management grew from KRW 933.9bn at the end of 2021 to roughly KRW 1.7tn recently, and in July 2026 the firm completed formation of the KRW 325bn AI Global No.1 and No.2 investment partnerships, adding fresh investment capital.
Its investment focus spans AI, deep tech, and bio-healthcare, with flagship portfolio names including medical device maker Revs Med, AI firm Nota, drug developer ADEL, immuno-oncology developer Nex-I, and enterprise AI firm Allganize.
Competitors include other KOSDAQ-listed venture capital firms such as Capstone Partners, HB Investment, and LB Investment. The largest shareholder, StoneBridge Holdings, holds a 64% stake.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.1B | ₩2.3B | 44.3% |
| 2025Q3 | ₩5.3B | ₩2.6B | 50.4% |
| 2025Q4 | ₩11.5B | ₩8.5B | 73.8% |
| 2026Q1 | ₩19.6B | ₩15.2B | 77.6% |
| 2026Q2 | ₩15B | ₩1.7B | 11.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩29.6B | ₩7.8B | ₩7.1B | 26.3% | 8.3% | 14.2% |
| 2023 | ₩19B | ₩6.4B | ₩6.2B | 33.9% | 7.0% | 10.7% |
| 2024 | ₩14.2B | ₩3.4B | ₩2.3B | 23.8% | 2.7% | 8.3% |
| 2025 | ₩25.5B | ₩13.5B | ₩11.1B | 52.7% | 11.8% | 9.6% |
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
Full-year 2025 revenue reached KRW 25.5bn with operating profit of KRW 13.5bn (52.7% operating margin) and owner net income of KRW 11.1bn. This marks a sharp improvement from 2024, when revenue was KRW 14.2bn, operating profit KRW 3.4bn (23.8% margin), and net income KRW 2.3bn.
Looking further back, 2023 revenue was KRW 19.0bn with operating profit of KRW 6.4bn, and 2022 revenue was KRW 29.6bn with operating profit of KRW 7.8bn, showing that earnings peaked in 2022, slowed through 2024, and then recovered in 2025.
Combined owner net income over the trailing four quarters (Q3 2025 through Q2 2026) totaled KRW 23.4bn, indicating a step-up in the annualized profit run-rate.
In Q1 2026, revenue was KRW 19.6bn with operating profit of KRW 15.2bn and net income of KRW 13.4bn, already surpassing full-year 2025 results in a single quarter, driven by large performance fees recognized as certain funds under liquidation sold their holdings.
In contrast, Q2 2026 revenue was KRW 15.0bn but operating profit fell to KRW 1.7bn and net income to just KRW 0.6bn, as the company recognized performance-fee-linked compensation on a conservative basis tied to income recognition timing rather than payment timing, compounded by a reduction in equity-method gains amid a second-quarter market correction.
The consolidated debt ratio stood at a stable 9.6% in 2025, continuing a downward trend from 14.2% in 2022 to 10.7% in 2023 and 8.3% in 2024.
The domestic venture capital industry went through a period of subdued investor sentiment and slower fund formation from 2022 to 2024, before shifting into a phase where exit cycles through IPOs and M&A are gaining momentum from 2025 onward.
Because performance fees tend to concentrate around the harvest phase that follows a fund's roughly four-year investment period, industry-wide earnings tend to cluster in particular periods.
StoneBridge Ventures has built a multi-vintage portfolio based on 18 funds formed since 2015 as a strategy to smooth out this volatility.
Within the competitive landscape, StoneBridge Ventures is classified alongside other KOSDAQ-listed independent VCs such as Capstone Partners, HB Investment, and LB Investment, ranking around fifth by assets under management.
The firm has secured large pension funds and mutual aid associations as limited partners, including the Korea Development Bank and Korea Growth Investment's innovation growth funds and the National Pension Service, demonstrating its capacity to form large blind-pool funds.
Industry observers note that while the first half benefited from strong exit performance amid an equity market rally, the second half presents a more challenging environment marked by increased market volatility.
On March 30, 2026, the company disclosed a corporate value-up plan targeting maximized fund-level performance fees, an expanded management-fee base through AUM growth, and sustained dividend policy. It also stated it would diversify exit channels through IPOs, M&A, and secondary sales.
The KRW 250.5bn Growth 4.0 fund formed in 2023 fully deployed its capital within roughly two years and has entered a post-investment monitoring phase, with some portfolio companies reportedly positioned for early exits.
Portfolio companies awaiting exit in the second half include NearsLab, Ingenia Therapeutics, ADEL, Nex-I, and Allganize. Among these, ADEL has filed for a preliminary KOSDAQ listing review on the back of its licensing deal with Sanofi, while Allganize is reportedly preparing for a listing on the Tokyo Stock Exchange.
The KRW 325bn AI Global No.1 and No.2 partnerships, whose formation was completed in July 2026, are earmarked for investment in core AI technologies and globally competitive application sectors.
The company stated that its board is discussing the balance between reinvestment and expanded shareholder returns using profits and cash secured in the first half.
The company's period-end price-to-earnings ratio appears to have narrowed significantly from a level exceeding 40x in prior periods to a single-digit level based on the most recent available data, reflecting the earnings recovery driven by performance fee inflows following a depressed profit base in 2024.
On a price-to-book basis, shareholders' equity has grown gradually across the four years from roughly KRW 85.9bn to KRW 93.8bn, and the stock has moved between discount and premium territory relative to net assets over time.
On the dividend side, total dividends for fiscal 2025 rose modestly from the prior year to KRW 5.3bn, continuing an unbroken annual dividend track record since the company's KOSDAQ listing.
However, given the performance-fee-driven revenue structure, the pronounced quarter-to-quarter earnings volatility is a factor worth weighing alongside any valuation interpretation.
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
Long-held portfolio investments such as Revs Med and Nota have recently achieved successful listings and exits, driving a surge in performance fees. This is illustrated by performance fees rising from KRW 12.2bn in 2022 to virtually nil in 2024, before rebounding to KRW 26.5bn in the first half of 2026. Given the multi-vintage structure, additional staggered exits could continue going forward.
AUM expanded to roughly KRW 1.7tn following the July 2026 completion of the KRW 325bn AI Global No.1 and No.2 fund formation. This could translate into a broader management-fee base and fresh investment capital going forward. The company aims for a virtuous cycle of reinvesting exit proceeds into new funds.
Multiple exit events await in the second half, including ADEL's preliminary KOSDAQ listing filing and Allganize's preparations for a Tokyo Stock Exchange listing. Exit channels are also diversifying beyond IPOs to include M&A and secondary sales. This pipeline diversity reduces reliance on any single deal.
The drop in operating profit from KRW 15.2bn in Q1 2026 to KRW 1.7bn in Q2 illustrates the volatility inherent in a performance-fee-driven revenue structure.
The company attributed this to compensation recognition timing differences and reduced equity-method gains, but this is a structural characteristic that could recur in future quarters.
A reduction in equity-method gains tied to a second-quarter market correction was cited as one cause of the earnings slowdown. This suggests that valuations of held equity stakes can fluctuate with broader market conditions. Should second-half market volatility intensify, similar effects could recur.
A significant portion of the KRW 12.9bn in Q1 performance fees stemmed from asset sales by two funds undergoing liquidation.
This structure, where results are heavily influenced by a small number of deals, means that future earnings could swing significantly depending on whether specific portfolio companies successfully list or sell.
Because performance fees hinge on the timing of specific fund exits, quarterly and annual results can vary widely. As seen in 2024 when performance fees were nearly nonexistent, delayed exits can sharply slow earnings.
Investors should be cautious not to interpret any single quarter's or year's results as representative of a steady-state earning power.
Valuations of held portfolio companies and equity-method investees are heavily dependent on listing status, market conditions, and outcomes of licensing deals. During market corrections, equity-method gains can shrink and directly affect earnings.
Fair value assessments of unlisted portfolio holdings can also be adjusted in response to changing market conditions.
With the largest shareholder, StoneBridge Holdings, holding a 64% stake, the free float may be limited. This can affect trading liquidity, and a governance structure centered on the controlling shareholder may not always align perfectly with minority shareholder interests.
Check whether Q3 results confirm that the Q2 profitability slowdown was temporary, and whether the harvest cycle reasserts itself in the numbers.
Whether ADEL passes its preliminary listing review and the resulting listing timeline will directly affect when StoneBridge Ventures recognizes additional exit-related performance fees.
If the overseas listing is confirmed, it would add a new exit channel, so related disclosures and timing should be monitored.
The specific outcome of the board's stated discussion on balancing reinvestment with expanded shareholder returns should be checked once disclosed.
The actual pace and target sectors of investment execution by the new funds will serve as an indicator of how quickly the management-fee base expands going forward.
StoneBridge Ventures' earnings, which had slowed since 2022, have shown clear improvement from 2025 onward alongside a recovery in performance fees.
Q1 2026 alone exceeded full-year 2025 results, but Q2 revealed the volatility inherent in a performance-fee-centered business model, as profitability fell sharply due to compensation recognition timing and reduced equity-method gains.
Factors such as the formation of the KRW 325bn AI Global funds and pending second-half listings and exits across portfolio companies including ADEL and Allganize could serve as additional catalysts for future results.
At the same time, the intrinsic volatility of performance fees, equity-method gains tied to market conditions, and liquidity constraints stemming from the controlling shareholder's high stake are factors that warrant consideration together.
Q3 results and the progress of key portfolio listing and exit events going forward will likely serve as important reference points for assessing the company's earnings trajectory.
Report written 2026-09-05 · Data as of 2026-09-04
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