This article was published on May 22, 2025, at 10:20 a.m. on the ChosunBiz MoneyMove site.

Centroid Investment Partners (Centroid PE), a domestic private equity fund (PEF) management firm, has decided to postpone the establishment of a 500 billion won blind fund until next year.

According to the investment banking (IB) industry on the 25th, Centroid PE has reportedly set an internal policy to focus on recovering investments, such as the sale of golf equipment company TaylorMade, rather than funding raising this year.

Centroid PE opened the door for fund formation by securing a letter of commitment (LOC) for up to 100 billion won from Hanwha Life at the end of last year. Observations suggest that the fund formation will accelerate as anchor limited partners (LP) are secured. Having LOC from other institutions increases the likelihood of forming a fund, allowing for additional points in the evaluation process of investment projects.

However, it seems Centroid PE has decided to secure performance results first after facing setbacks in the investment projects conducted by the Industrial Bank of Korea, the Export-Import Bank of Korea, and the Korea Science and Technology Personnel Mutual Aid Association. If TaylorMade, which has a valuation expectation of 4 trillion to 5 trillion won, is sold, it is expected to gain an advantageous position in the quantitative evaluation of investment projects.

Centroid PE acquired TaylorMade in 2021 for $1.7 billion (based on the exchange rate at that time of 215 billion won), and the expected sale price now is more than double that. Domestic institutional investors such as the MG Community Credit Cooperatives and the National Credit Union Federation of Korea, which participated as LPs, are also expecting high revenue.

The sale of TaylorMade is expected to fully commence next month. The sale's lead underwriters, JP Morgan and Jefferies, plan to distribute teaser letters to potential buyers in June and July. As strategic investors (SIs) from China and the Middle East have been mentioned among the candidates, it is expected that teaser letters will be sent to them to inquire about their acquisition intentions.

Established in 2015, Centroid PE has a history of investing in Solid ENG, KOLON Fiber, and Woongjin Books. It gained attention by acquiring the South Springs Country Club and the global golf brand TaylorMade. If successful in forming a fund of the targeted amount next year, assets under management (AUM) will exceed 3 trillion won.