'Focus on yourself for sustainable growth'

An STX vessel is seen in this promotional image. Courtesy of APC Private Equity

Private equity chief vows to attain assets under management worth W1 tril.

By Lee Min-hyung

APC Private Equity CEO Ashley Hong

Overcoming oneself should be a top priority for women to consistently develop their expertise in this male-centric investment banking (IB) industry, Ashley Hong, founder and CEO of APC Private Equity, said in a recent interview with The Korea Times.

"Being a woman is not a handicap, nor is it a weapon," Hong said. "I have seen so many women ― including myself ― struggling to defeat men and macho culture in the conservative IB sector, but this kind of competitive mindset may rob you of energy and passion in the end."

She advised aspiring young women to set a goal of focusing on themselves instead of looking outside.

"Regardless of gender, we all should get a clearer grasp of who we are and this process is the very beginning before people map out any other mid- to long-term career goals," she said. "I believe there is no such thing as a secret source to become a successful financier. Those who reach the rank can take complete control of their impulse and emotion. It may sound cliche, but this makes a big difference in the long run."

Hong is a rising figure in the country's IB industry. It took around 15 years for her to establish the private equity firm in Seoul after starting her financial career in 2004. She got her first finance industry job at Kyobo Securities, a mid-tier brokerage house here, and stayed there for about a decade, handling diverse projects.

"I have Bachelor's degrees in architecture and politics & international relations," she said. "At first, I wanted to run my business in the construction industry, but I found out that financing mattered more than architectural designing for successful development projects. So I joined the securities firm to get a better understanding of cash flow in the capital market."

Corporate logo of APC Private Equity

Hong devoted herself to the company for about a decade and worked as a sales officer at the Kyobo affiliate's project financing division. Handling diverse projects ardently day and night, she was promoted to the firm's youngest team leader.

"Even a minor mistake was not allowed since it could incur huge losses to investors," she said.

Working day and night, she was enthralled by every successful project. "In corporate financing, for instance, timing matters most. When CFOs or CEOs of client companies thanked me for successful funding, I knew that I was doing something worthwhile."

Then the global financial crisis hit the industry. "After resolving the aftermath of the financial shock here, I experienced burn out. That was when I went to Australia to earn an MBA."

After earning an MBA, she joined POSCO Venture Capital in 2013. She dealt with corporate venture capital (VC) tasks there, which she recalls were a good opportunity to diversify her financial expertise into the new field. However, the "tranquil" corporate culture made her realize once again that she is a type of person who should "fight on a battlefield." This time, she wanted to fight not for others, but for herself.

"That was when I set up APC PE. Private equity is the pinnacle of IB. I have a pride as the country's first female owner and CEO of the private equity firm."

STX's headquarters in Seoul / Courtesy of APC Private Equity

Second chapter of life

She founded the firm in 2017 and the business started off relatively well even in the first year when it attracted overseas investments and received blind funds from the Korea Development Bank.

APC PE made headlines here the following year when it took over STX Corporation _ most famous as the parent firm of former STX Offshore & Shipbuilding.

APC PE has since grown rapidly, handling a number of cross-border M&As. The company focused on deals worth less than 100 billion won ($76.62 million) in its infancy, but is now capable of processing M&As worth hundreds of billions of won.

"We have a mid-term goal of becoming a private equity firm whose assets under management tops 1 trillion won in five years," she said. "APC PE hopes to turn itself into a differentiated global private equity firm."

The company is known for its expertise in deals from the shipbuilding sector, as was shown by the acquisition of STX. Hong is also working as the chairwoman of STX's board of directors.

"The essence of investment is to pay attention to all the undervalued companies," she said. "Back then, we kept a close eye on shipbuilding and shipping deals as we found huge opportunities for M&As there."

Among the companies that APC made equity investments in are nSAGE, a biotechnology company focusing on gene editing and Hong Kong-based no-code platform, YOOV, whose sales have particularly soared by 10 times for the past five years, and its corporate value also jumped by more than 20 times during the same period. APC PE considers exiting its investment there in 2023.

She saw great opportunities ahead in the IB industry this year.

"I would say the keyword for this year is opportunity, as it comes particularly at a period of slump," she said. "It may take some time for the high level of interest rates to stabilize, but only those with an acute sense will be able to grab the right target on the market."