Stonebridge Ventures Posts 15.2 Billion Won Operating Profit in Q1, Surpassing Last Year’s Annual Results

Stonebridge Ventures Releases First-Quarter Report

Revenue Reaches 19.6 Billion Won... Net Profit at 13.4 Billion Won

"Competitiveness Driven by Multi-Vintage Portfolio"

The venture capital (VC) firm Stonebridge Ventures has seen its exit cycle accelerate, resulting in both operating profit and net profit for the first quarter of this year surpassing its full-year performance last year.

According to the Financial Supervisory Service Electronic Disclosure System (DART) on May 11, Stonebridge Ventures recorded first-quarter revenue of 19.6 billion won, up 439.8% year-on-year. Operating profit and net profit were 15.2 billion won and 13.4 billion won, respectively. In the first quarter of last year, operating profit was 30 million won and net profit was 230 million won.

Notably, both operating profit and net profit in the first quarter exceeded last year's annual results. Last year's total operating profit was 13.5 billion won and net profit was 11.1 billion won.

Stonebridge Ventures attributed the improved performance primarily to the recognition of performance fees. While there were no performance fees recognized last year, this quarter the company recognized performance fees of 12.9 billion won—about 66% of its operating revenue. Specifically, performance fees were generated from the sale of assets held by the 2015 KIF-Stonebridge IT Specialized Investment Fund (2 billion won) and the Stonebridge Innovation Quarter Investment Fund (10.9 billion won), both of which are currently undergoing liquidation procedures.

Stonebridge Ventures' core competitiveness lies in its multi-vintage portfolio, based on 18 funds established since 2015. Typically, VC earnings are highly volatile, as they are concentrated at the liquidation point of specific funds. In contrast, Stonebridge Ventures' funds are entering the exit cycle at different intervals, enabling profits to be generated in a stepwise and recurring manner. Currently, performance fees are being recognized from three funds established between 2015 and 2017, while subsequent funds created after 2018 have also entered their exit cycles.

Yoo Seungwon, CEO of Stonebridge Ventures, stated, "Both ongoing asset disposals and the establishment of new funds are progressing smoothly, and as funds with different vintages sequentially enter the exit phase, the continuity of our performance is becoming increasingly visible." He added, "We will strive to continuously enhance corporate value based on structural profitability rather than one-off earnings, and to maximize the interests of our investors."

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