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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Seoul, September 23, 2025 – The National Pension Service (NPS) has already recovered more than half of its investment in Homeplus-related redeemable convertible preferred shares (RCPS) through private equity firm MBK Partners. Separately, its investment in MBK’s blind fund—covering Homeplus common stock and several other companies—has delivered more than double the invested capital.
According to MBK Partners, NPS invested KRW 582.6 billion in RCPS via a dedicated project fund established for the Homeplus deal. Over the past decade, NPS has recovered KRW 313.1 billion through dividends, with KRW 269.6 billion in principal remaining. MBK noted that its management fee from this RCPS project amounted to just KRW 1 billion, a minimal portion relative to the overall investment size.
An MBK representative explained,
“When MBK acquired Homeplus in 2015, approximately KRW 2.1 trillion in common equity was raised through a special project fund with global pension funds. At that time, Homeplus generated nearly KRW 800 billion in annual EBITDA, which positioned it as an attractive and stable investment for institutional investors.”
Strong Performance from Blind Fund Investments
In addition to the RCPS project fund, NPS also committed capital to MBK’s Blind Fund III-2, which invests without pre-specified targets. Through this vehicle, NPS invested KRW 157.5 billion across multiple companies, including Homeplus common stock (KRW 29.5 billion), Orange Life, Doosan Machine Tools, and Apex Logistics.
To date, NPS has recovered KRW 340 billion from this blind fund, achieving an approximate 2.2x return on its original investment.
Loss on Homeplus Common Shares Offset by Broader Gains
MBK acknowledged that NPS’s KRW 29.5 billion investment in Homeplus common shares was written off following MBK’s recent decision to cancel KRW 2.5 trillion in common equity as part of a prearranged M&A process. However, the firm emphasized that gains from other portfolio companies more than offset the loss.
“Thanks to strong performance in investments beyond Homeplus, NPS’s overall return from MBK Partners’ Blind Fund III-2 remains well above 2x its committed capital,” the MBK spokesperson said.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
