With growing economic uncertainties at home and abroad, South Korean corporates will increasingly turn to the capital market for their funding needs, said an industry executive.“The trend of financially struggling companies using derivatives such as price return swaps, or PRS, to secure emergency funds has intensified, but such methods can negatively impact their credit ratings, making them less viable,” said Chanwoo Lee, chief executive of Glenwood Credit, the credit fund management arm of Seoul-based Glenwood Private Equity Co.“Companies that need capital expansion without harming their credit standing will turn to us,” he said in a recent interview with The Korea Economic Daily.
MEZZANINE & DIRECT LENDINGLee, who founded Glenwood Credit in September 2021, manages all of Glenwood Credit’s investments, including mezzanine – a hybrid of debt and equity financing – and opportunistic high-yield and special situation investmentsBefore Glenwood, he was the chief investment officer and senior partner of Dominus Investment Co., where he oversaw all aspects of investments, including deal sourcing, execution and fundraising activitiesHe also worked at Eugene Asset Management, Credit Suisse Securities and Bain & Company, handling M&A transactions and equity and debt financing for a wide range of global corporates.
Following a 2021 regulatory amendment allowing private equity funds to lend directly to companies, Glenwood Credit gained access to strategies optimized for both mezzanine investments and direct lending.
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