Key Takeaways
- • Ownership transition: Stick Investment founder Chairman Do Yong-hwan sold 11.44% (4.77 million shares) of the South Korean native private equity fund operator to U.S.-based Miri Capital at 12,600 won per share, generating approximately 60 billion won in proceeds as the 70-year-old founder retires.
- • Miri Capital becomes largest shareholder: Following the transaction, Miri Capital's stake in Stick Investment will expand to approximately 25%, positioning it as the firm's largest shareholder, up from its prior 13.52% position as second-largest holder.
- • Continuity of management expected: Despite the ownership shift, market participants anticipate that existing Stick Investment management will remain in place, as Miri Capital is known to maintain friendly investor relationships and pursue long-term value creation rather than confrontational governance strategies.
- • Miri Capital's emerging market focus: The U.S.-based PEF operator, established in 2021, specializes in acquiring undervalued listed companies across emerging markets including Asia and the Middle East, with prior Korean investments in Yusu Holdings, Gabia, and Genius.
- • Founder's legacy: Do Yong-hwan built Stick Investment from inception during the dot-com bubble era into an alternative investment platform managing over 10 trillion won in assets across three integrated affiliates.
Summary
Stick Investment, South Korea's pioneering native private equity fund operator, has undergone a significant ownership transition as founder and Chairman Do Yong-hwan transferred his controlling stake to U.S.-based Miri Capital. According to Korea's Financial Supervisory Service electronic disclosure system, Do signed a stock purchase agreement on July 20, 2026, to sell 11.44% of Stick Investment (4.77 million shares) at 12,600 won per share, generating approximately 60 billion won in transaction value. The transaction is expected to settle through an over-the-counter block deal arrangement.
The sale marks Do's retirement at age 70 after founding Stick Investment during the early dot-com bubble period when venture capital was scarce. Over his tenure, Do transformed the initial venture into a diversified alternative investment platform managing over 10 trillion won in total assets across three integrated affiliates. The founder's exit comes as Miri Capital, a U.S.-based PEF operator established in 2021, consolidates its strategic position in the Korean market.
Miri Capital has been systematically increasing its stake in Stick Investment since August 2023, when it first disclosed more than 5% ownership. Prior to acquiring Do's shares, the firm held 13.52% as Stick Investment's second-largest shareholder. Upon completion of the Do transaction, Miri Capital's ownership will reach approximately 25%, making it the largest shareholder. Miri Capital specializes in identifying undervalued listed companies across emerging markets, with existing Korean portfolio investments in Yusu Holdings, Gabia, and Genius.
Market observers anticipate operational continuity at Stick Investment despite the ownership change. Miri Capital maintains a reputation for maintaining collaborative relationships with existing management teams and pursuing long-term value appreciation strategies rather than activist governance approaches. This suggests that Stick Investment's current management structure will likely remain intact and continue directing the firm's operations and strategic initiatives.
The sale marks Do's retirement at age 70 after founding Stick Investment during the early dot-com bubble period when venture capital was scarce. Over his tenure, Do transformed the initial venture into a diversified alternative investment platform managing over 10 trillion won in total assets across three integrated affiliates. The founder's exit comes as Miri Capital, a U.S.-based PEF operator established in 2021, consolidates its strategic position in the Korean market.
Miri Capital has been systematically increasing its stake in Stick Investment since August 2023, when it first disclosed more than 5% ownership. Prior to acquiring Do's shares, the firm held 13.52% as Stick Investment's second-largest shareholder. Upon completion of the Do transaction, Miri Capital's ownership will reach approximately 25%, making it the largest shareholder. Miri Capital specializes in identifying undervalued listed companies across emerging markets, with existing Korean portfolio investments in Yusu Holdings, Gabia, and Genius.
Market observers anticipate operational continuity at Stick Investment despite the ownership change. Miri Capital maintains a reputation for maintaining collaborative relationships with existing management teams and pursuing long-term value appreciation strategies rather than activist governance approaches. This suggests that Stick Investment's current management structure will likely remain intact and continue directing the firm's operations and strategic initiatives.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.