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The U.S. private equity firm Carlyle Group, which raked in profits worth W700 billion (US$1=W957) by selling KorAm Bank which it acquired during the financial crisis of the late 90s to Citibank, announced on Thursday that it will make a huge investment in three or four other Korean companies. Carlyle's Asia Growth Capital managing director Wayne Tsou told the Chosun Ilbo the company will select promising Korean companies and make long-term investment in them for about 10 years, investing US$10-50 million in each of them. The $680-million Asia Growth Capital fund was set up last June to invest in Korea, China, Japan and India.
Tsou said the fund is eyeing companies that are three to five years old, post 20-50 percent annual sales growth rates, are owned by a single owner or a few controlling shareholders and are run by capable management. But he stressed that the investment will be made amid close cooperation with management, not in the form of hostile takeovers. He compared the strategy to a soccer game, where Carlyle plays coach and Korean companies are the star players and promised that the profits and accumulated know-how of companies will not be pulled out of the country but stay here. He added he was aware of negative sentiment here against foreign private funds including Carlyle and fully understands it. He vowed his company will strictly observe government regulations including tax laws.
(englishnews@chosun.com )
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