PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩29 per share · Prices as of the 2026-10-02 close
Having turned profitable in 2024 and 2025 after a 2023 loss, Capstone Partners posted quarterly profits again in the first half of 2026, with expanding policy funds and a portfolio IPO/exit pipeline standing out as key variables for the second half.
FY2025 revenue of KRW 7.47bn, operating profit of KRW 2.34bn (31.3% margin), and owners' net income of KRW 2.30bn mark two straight years of profit growth
1Q and 2Q 2026 were both profitable, but quarterly swings remain large, including an operating loss in 4Q 2025
Assets under management reached KRW 576.5bn as of June 2026, with plans to form two more new funds within the year
IPO progress at portfolio firms such as RideFlux and IBEX Medical Systems, plus expected disposal gains from Danggeun Market and DeepX stake sales, are key second-half catalysts
Expanded policy funding via the 2026 Korea Fund of Funds and National Growth Fund, along with relaxed VC investment obligations, are cited as industry tailwinds
Capstone Partners is a domestic venture capital firm established in 2008, generating core revenue from management and performance fees on funds it operates, as well as gains from disposing of portfolio stakes. As of June 2026, its assets under management stood at KRW 576.5bn, up from KRW 487.2bn at the end of 2025.
According to NH Investment & Securities, the company plans to form at least two new funds this year—sized around KRW 50bn and KRW 60bn—to focus on mobility, AI, and ICT sectors.
Its portfolio includes AI-related firms such as Rebellions, DeepX, Wrtn Technologies, and Liner, along with startups across other industries such as Kurly and RideFlux. It recently formed the KRW 50bn 'Capstone 2026 AI Innovation Fund' to expand deep-tech investment in AI, energy, and mobility.
In contrast, the KRW 50bn 'Capstone Scale-up Fund' formed in 2023 wound down new investments after backing KONEX-listed firms Rapiche and Oceans Bio, entering a harvest phase. Competitors include StoneBridge Ventures, HB Investment, and LB Investment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.8B | ₩500M | 24.6% |
| 2025Q3 | ₩2.9B | ₩1.7B | 59.2% |
| 2025Q4 | ₩1.2B | -₩100M | −10.7% |
| 2026Q1 | ₩1.5B | ₩400M | 25.1% |
| 2026Q2 | ₩2.2B | ₩1.1B | 49.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩12.2B | ₩7.1B | ₩6.1B | 58.1% | 29.0% | 59.7% |
| 2023 | ₩9.5B | -₩2.4B | -₩4.3B | −25.6% | −13.9% | 16.8% |
| 2024 | ₩9.7B | ₩2.2B | ₩1.8B | 22.7% | 5.7% | 14.8% |
| 2025 | ₩7.5B | ₩2.3B | ₩2.3B | 31.3% | 6.7% | 18.6% |
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 in 2025 fell to KRW 7.47bn from KRW 9.69bn in 2024, but operating profit rose to KRW 2.34bn from KRW 2.20bn, lifting the operating margin from 22.7% to 31.3%. Owners' net income also grew to KRW 2.30bn in 2025 from KRW 1.83bn in 2024, marking a second straight year of profit growth.
This follows a loss-making 2023, when revenue was KRW 9.51bn, operating loss was KRW 2.43bn, and net loss was KRW 4.32bn. In 2022 revenue peaked at KRW 12.22bn with operating profit of KRW 7.10bn (58.1% margin) before deteriorating sharply in 2023 amid tough market conditions, followed by a gradual recovery.
On a quarterly basis, 3Q 2025 posted the year's strongest results with revenue of KRW 2.90bn, operating profit of KRW 1.72bn, and owners' net income of KRW 1.39bn.
In contrast, 4Q 2025 revenue slipped to KRW 1.25bn with an operating loss of KRW 134mn, swinging quarterly earnings back into the red. 1Q 2026 (revenue KRW 1.54bn, operating profit KRW 387mn) and 2Q 2026 (revenue KRW 2.20bn, operating profit KRW 1.08bn, owners' net income KRW 828mn) showed a sequential recovery.
Owners' net income across the trailing four quarters from 3Q 2025 to 2Q 2026 totaled KRW 2.85bn, showing large quarterly swings but a continuing improvement on an annual basis. On the cash flow side, 2025 operating cash flow turned positive at KRW 1.01bn, reversing the negative KRW 2.88bn recorded in 2024.
Korea's venture investment market is seen as being in a recovery phase, with expectations of industry revitalization driven by expanded policy fund allocations and regulatory easing.
The Ministry of SMEs and Startups said the 2026 first-round Korea Fund of Funds allocation will invest KRW 2.1tn to build KRW 4.4tn worth of venture funds. Of this, KRW 1.3tn was earmarked for the 'Next-Generation Unicorn Development Project,' which supports stage-based investment in AI and deep-tech firms.
Starting in 2026, the government also eased VC investment obligation periods from three years to five years, among other regulatory changes. Large policy-driven allocation programs such as the National Growth Fund, led by the Korea Development Bank, are also newly operational, driving the scale-up of venture funds.
Industry watchers note that cumulative new VC fund formation through April 2026 reached KRW 3.4tn, approaching the record levels of 2022 on an annualized basis.
However, some also expect polarization to deepen, with capital concentrating in core sectors like AI, biotech, and semiconductors and in later-stage, proven companies.
Rivals such as StoneBridge Ventures and LB Investment are also expanding funds using similar policy capital, making each firm's actual cash-on-cash return performance (DPI) an increasingly important differentiator.
The company expects to recognize disposal gains from harvesting investment assets in the second half, with NH Investment & Securities forecasting that gains from partial stake sales in Danggeun Market and DeepX will be reflected.
NH also noted that with IBEX Medical Systems and RideFlux among portfolio companies awaiting an IPO, an increase in equity-method gains from fund holdings is expected.
RideFlux filed for a KOSDAQ preliminary listing review in 2026 and is reportedly planning to complete its listing within the year following registration statement filing and institutional demand forecasting.
However, liquidation of the fund holding Danggeun Market is expected to take roughly another year, reflecting that some portfolio assets have not yet reached target returns.
New fund formation is also continuing: the KRW 50bn 'Incheon Startup Park Fund 2' formed by the Incheon Free Economic Zone Authority will be invested through Capstone's 'Capstone 2026 AI Innovation Fund' into AI, mobility, and robotics sectors.
The company has also secured a series of general partner (GP) mandates, including from KGF's technology innovation fund program and a KIF-backed allocation program, broadening its fundraising base.
NH Investment & Securities assessed that Capstone Partners' market position would strengthen a notch amid the venture industry's budget expansion.
Capstone Partners' shares trade at a level close to its net asset value, without a pronounced premium or discount to book value standing out. Following a net loss in 2023, earnings turned profitable in 2024 and 2025 and continued into the first half of 2026, expanding the base of earnings the market references.
On dividends, the company has maintained a cash dividend each fiscal year, preserving continuity in its payout policy.
That said, because venture capital firms' quarterly results depend heavily on the timing of equity-method valuation and disposal gain recognition on fund holdings, it is difficult to draw firm conclusions about relative industry positioning from valuation metrics at any single point in time.
The pace of asset recovery and new fund formation are cited as the key variables that will drive future earnings levels and, in turn, valuation metrics.
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
Having posted a net loss in 2023, Capstone Partners returned to profit in both 2024 and 2025, with the 2025 operating margin rising to 31.3% from the prior year. Both 1Q and 2Q 2026 remained profitable, extending the trend of quarterly improvement.
Quarterly volatility remains significant, however, depending on the timing of equity-method and disposal gain recognition on fund holdings.
The Ministry of SMEs and Startups said the 2026 first-round Korea Fund of Funds allocation will inject KRW 2.1tn to build KRW 4.4tn worth of venture funds. The government also eased regulations, extending VC investment obligation periods from three to five years.
NH Investment & Securities forecast that Capstone Partners' industry position would strengthen amid this budget expansion.
RideFlux filed for a KOSDAQ preliminary listing review in 2026, and IBEX Medical Systems is reportedly also preparing an IPO. NH Investment & Securities expected disposal gains from partial stake sales in Danggeun Market and DeepX in the second half. If these exit events materialize, they could translate into higher equity-method gains from fund holdings.
Owners' net income peaked at KRW 1.39bn in 3Q 2025, the year's high, before dropping sharply to around KRW 300mn in 4Q. Operating profit also swung, posting a loss of KRW 134mn in 4Q 2025 before returning to profit in both 1Q and 2Q 2026, reflecting large quarter-to-quarter variation.
This stems from the VC industry's characteristic dependence on the timing of equity-method valuation and disposal gain recognition.
NH Investment & Securities forecast that liquidation of the fund holding Danggeun Market would take roughly another year. This is attributed to some portfolio assets not yet reaching target returns. If recovery timing is delayed, the anticipated timing of disposal gain recognition could also be pushed back.
Capstone Partners is a small-cap financial stock listed on KOSDAQ, with relatively limited daily trading volume and value constraining liquidity. As with many small-caps, price volatility tied to shifts in supply and demand can be relatively pronounced.
Sustaining large institutional investor interest requires continued demonstration of earnings and exit performance.
Since much of the portfolio consists of unlisted startups, discrepancies can arise between book valuations and actual proceeds realized upon listing or sale. If IPO or M&A timelines are delayed, the anticipated timing of disposal gain recognition could also be pushed back.
Indeed, the fund holding Danggeun Market illustrates a case where liquidation has been delayed due to returns falling short of targets.
The company's fundraising depends significantly on being selected as general partner (GP) in policy allocation programs such as the Korea Fund of Funds, KGF, and the National Growth Fund.
Last year's Innovation Growth Fund allocation saw KGF fail to secure the mother fund manager slot, with Shinhan Asset Management and Woori Asset Management selected instead—an upset that underscores how competitive these programs can be. A shift in policy direction or intensified competition could disrupt anchor capital procurement.
The venture investment market is sensitive to global financial conditions, benchmark interest rates, and funding environments. In 2023, revenue declined sharply amid a global financial market squeeze, and a recurrence of similar shocks could again heighten earnings volatility. Such external shocks could also affect portfolio companies' follow-on fundraising and listing timelines.
When 3Q 2026 results are disclosed, it will be possible to check whether second-half disposal gains were recognized and the scale of equity-method gains from fund holdings.
It is worth monitoring the progress of RideFlux's KOSDAQ listing process, including registration statement filing and demand forecasting.
Whether actual disposal gains from Danggeun Market or DeepX stake sales are recognized should be checked in the next quarterly results.
Confirmation is needed on whether the company completes formation of the two targeted new funds (around KRW 50bn and KRW 60bn) and meets its AUM expansion goal.
Further GP selection results for Capstone Partners in policy allocation programs such as the Korea Fund of Funds should be monitored.
Capstone Partners has recovered from a 2023 loss to post consecutive profits in 2024 and 2025, and continued quarterly profitability through the first half of 2026, showing an improving trend.
However, given the VC industry's dependence on the timing of equity-method and disposal gain recognition, quarterly results remain highly variable, including an operating loss in 4Q 2025.
Expanding policy funding and eased venture investment regulations are creating favorable conditions across the industry, and the company is responding through AUM growth and new fund formation.
IPO-pending portfolio names such as RideFlux and IBEX Medical Systems, along with expected stake sales in Danggeun Market and DeepX, are cited as potential second-half earnings catalysts, though delayed recoveries such as the Danggeun Market fund leave timing uncertain.
The dividend policy has been maintained each fiscal year, and shares trade at a level close to net asset value. Overall, the direction of earnings recovery and the policy/industry tailwind are evident, but the timing and scale of realization depend on the progress of individual portfolio asset exits.
Report written 2026-09-05 · Data as of 2026-09-04
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