The domestic private equity fund (PEF) management company Centroid Investment Partners (CentroidPE) recouped its investment in the Chinese corporation Greensource International (Greensource), which had been struggling to recover funds. This is after 8 years since the investment in 2017.
CentroidPE announced on the 18th that it received approximately 7.4 billion won in dividends through the auction of key assets of its subsidiary Greensource's Fujian GlibioTech last January. CentroidPE applied for arbitration against Fujian Glibio in 2020 and succeeded in obtaining a lien on major assets in 2021.
CentroidPE acquired Greensource's 7.5 billion won convertible bond (CB) in 2017, but the following year, when the CEO of Greensource was detained for family-related reasons, it failed to go public (IPO) and sought to exercise a put option (early redemption right) on the CB, but did not receive the investment funds.
With the recovery of the investment in Greensource as a turning point, CentroidPE will begin the liquidation of its first fund. The recovery rate for fund investors (LPs) is approximately 85-87%. Jeong Jin-hyuk, CEO of CentroidPE, said, "This is a representative case that demonstrates Centroid's commitment to prioritizing the protection of investor revenue."
Founded in 2015, CentroidPE invested in Solid ENG, KOLON Fiber, and Woongjin Booksen, gaining attention by acquiring the South Springs Country Club and global golf brand TaylorMade. It is currently in the process of selling TaylorMade.