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Private Equity
anchorpe.com

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Investments

14

Portfolio Exits

2

Funds

3

About Anchor Equity Partners

Anchor Equity Partners is a private equity firm specializing in middle-market and consolidation investments. The firm targets investing in growing opportunities in Korea. The firm focuses on investments of more than $50 million in its companies.

Anchor Equity Partners Headquarter Location

Seoul,

South Korea

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Latest Anchor Equity Partners News

Online retailer TMON may raise $337 mn from Korean PEF ahead of 2021 IPO

Sep 2, 2020

2020-09-02 South Korea’s e-commerce platform TMON Inc., a majority owned by KKR & Co. and Anchor Equity Partners, will likely receive 400 billion won ($337 million) in new investment from Seoul-based private equity firm PS Alliance. The fresh funding is expected to pave the way for TMON to go public next year, which may lead to the top shareholders’ exit from the loss-making online retailer in over five years. Both KKR and Anchor Equity are in final stages of talks with PS Alliance to sell 400 billion won worth of new bonds convertible into shares in TMON, short for Ticket Monster, according to investment banking sources on Sept. 2. The fundraising is part of TMON’s efforts to become the country’s first listed e-commerce platform. In 2017, it withdrew the IPO plan due to poor financial conditions. To revisit the initial public offering, TMON picked Mirae Asset Daewoo Securities Co. Ltd. as the IPO underwriter in April. Since then, it has been seeking to raise up to 300 billion won through a rights offering, at the request by the Korea Stock Exchange to bolster its negative capital base. But the capital-raising plan has received a cool response from investors and large business groups who believed the country’s online commerce market has been entering the mature stage after the so-called chicken games ended. Given that concert and travel ticket sales account for 30% of its revenue, TMON has not benefited as much from the non-contact business boom since the coronavirus outbreak as rival companies. RELIEF PICTHER AS CONTRARIAN? But South Korea’s PS alliance has a contrarian view, betting on TMON’s growth in a smaller segment in the e-commerce market alongside its improving financial conditions. TMON abandoned loss-making businesses such as fresh food sales last year. Instead, it narrowed its focus and adopted aggressive marketing. To differentiate itself from bigger rivals such as Coupang Corp. and eBay In., TMON has introduced the marketing concept of “Time Commerce” in which it sells products at clearance prices during a certain period of time. It turned to the black in March for the first time in its 10-year history. During the second quarter ended in June, it beat rival Wemakeprice, a Korean unicorn or a private company with a value of over $1 billion, in terms of customers. The number of TMON’s customers has risen to 11 million. To increase the number of loyal customers, it will offer double discounts and high points or rewards under the customer loyalty program. PORTFOLIO OF PS ALLIANCE As a condition to invest in TMON, PS Alliance has secured the drag-along rights to sell its stake on the same terms as both KKR and Anchor Equity later on. PS Alliance is raising money from domestic institutional investors to fund the investment. Thanks to the high target return of 15% it offered, the project fund was overbooked by institutional investors, the sources said. In 2015, KKR and Anchor Equity jointly took a majority of TMON. Their detailed ownership was not disclosed. If the fundraising from PS Alliance goes through, the deal will mark the first of such kind to be sealed between foreign and domestic private equity firms. PS Alliance was formed in 2012 as a wholly-owned unit of South Korea’s Poongsung Group, an automotive and electronic parts maker. It acquired a stake in a Korean storage tank rental company in 2014 and Korea Rental Corp. which rents IT Equipment such as desktops, laptops, printers and mobile devices in 2019. Young Min Cho, who joined PS Allianc as vice president in April, served as a bridge between his company and the foreign private equity houses. During his stints at Korean Teachers’ Credit Union and Glenwood Private Equity as a structured finance expert, he had managed the investments in ADT Caps, Toshiba Memory, Halla Cement, Hankuk Glass Industres and SKC Kolon PI. TMON reported a net loss of 118.8 billion won last year, versus the 136.3 shortfall a year earlier. By Chaeyeon Kim and Sang-eun Lucia Lee why29@hankyung.com

Anchor Equity Partners Investments

14 Investments

Anchor Equity Partners has made 14 investments. Their latest investment was in TICKET MONSTER as part of their Private Equity - III on February 2, 2021.

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Anchor Equity Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/19/2021

Private Equity - III

TICKET MONSTER

$275.61M

No

3

1/5/2021

Series B

Sunsea Parking

$100M

Yes

1

3/19/2020

Secondary Market

Kakao M

$165M

Yes

4

12/20/2019

Series D

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$99M

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10

8/13/2019

Series A

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$99M

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10

Date

2/19/2021

1/5/2021

3/19/2020

12/20/2019

8/13/2019

Round

Private Equity - III

Series B

Secondary Market

Series D

Series A

Company

TICKET MONSTER

Sunsea Parking

Kakao M

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Amount

$275.61M

$100M

$165M

$99M

$99M

New?

No

Yes

Yes

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Co-Investors

Sources

3

1

4

10

10

Anchor Equity Partners Portfolio Exits

2 Portfolio Exits

Anchor Equity Partners has 2 portfolio exits. Their latest portfolio exit was A Twosome Place on November 19, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/19/2021

Acq - Fin

$991

3

00/00/0000

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10

Date

11/19/2021

00/00/0000

Exit

Acq - Fin

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Companies

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Valuation

$991

Acquirer

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Sources

3

10

Anchor Equity Partners Acquisitions

2 Acquisitions

Anchor Equity Partners acquired 2 companies. Their latest acquisition was Burger King Japan on April 24, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

4/24/2019

Acq - Fin

Acq - Fin - II

1

4/20/2015

Private Equity - II

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$991

$99M

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10

Date

4/24/2019

4/20/2015

Investment Stage

Acq - Fin

Private Equity - II

Companies

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Valuation

$991

Total Funding

$99M

Note

Acq - Fin - II

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Sources

1

10

Anchor Equity Partners Fund History

3 Fund Histories

Anchor Equity Partners has 3 funds, including Anchor Equity Partners Fund II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

7/2/2015

Anchor Equity Partners Fund II

Buyouts & Acquisitions

$850M

1

10/17/2013

Anchor Equity Partner Fund

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$99M

10

Anchor Equity Partners Fund III LP

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$99M

10

Closing Date

7/2/2015

10/17/2013

Fund

Anchor Equity Partners Fund II

Anchor Equity Partner Fund

Anchor Equity Partners Fund III LP

Fund Type

Buyouts & Acquisitions

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Status

Amount

$850M

$99M

$99M

Sources

1

10

10

Anchor Equity Partners Team

1 Team Member

Anchor Equity Partners has 1 team member, including current Managing Partner, Sanggyun Ahn.

Name

Work History

Title

Status

Sanggyun Ahn

Managing Partner

Current

Name

Sanggyun Ahn

Work History

Title

Managing Partner

Status

Current

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