We are a private equity fund management firm focused on middle market buyouts in the Republic of Korea. Established in 2001, TStone has built a track record of successful direct investments through a disciplined, value-oriented, and hands-on investment approach. We have since transitioned to a fund-based private equity platform and distinguished ourselves as a unique value investor through the following characteristics:
 
Experienced Investment Team: TStone is comprised of experienced professionals from top investment banking, management consulting, and technology firms around the world. As a focused team, our professionals combine overseas insight and experience with local expertise to successfully identify and analyze attractive investment opportunities, construct customized deal structures, and actively partake in hands-on portfolio management to enhance the value of portfolio companies.
Strong Local Relationship Network: TStone sources proprietary transactions through our extensive network of relationships with Korean business owners and corporations, developed over the course of many years of being active in the Korean market.
Overseas Network: TStone recently opened its overseas office located in the heart of Singapore's financial district. Expansion of TStone's presence in Singapore will add regional expertise, strategic coverage of the SE Asian market, deal sourcing, and on-the-ground management of our portfolio companies.
Deal Execution Expertise: By accumulating a comprehensive knowledge of Korean and cross-border transactions, TStone designs and implements creative deal structures that conform to complex financial and legal requirements.
Proactive Management: TStone is dedicated to a hands-on approach to managing our portfolio companies. We work closely with their top management to formulate optimal business strategies, increase operational performance, improve corporate governance, and establish access to international resources, thereby enhancing their values significantly.
Value Creation: All of TStone's investments to date have realized positive returns on original investment through our active involvement with business planning and strategy, alignment of interests with management, disciplined financial and risk oversight, enhanced transparency and governance, and executing value enhancing exit strategies.
 

TStone Fund Information
TStone transitioned from a principal to fund-based investment platform in 2007 with establishment of TStone's first blind fund. TStone has attracted several Korean pension funds, government agencies, financial institutions, and institutional investors to participate as limited partners, raising over USD 500 million to date for three funds for which TStone acts as General Partner. TStone's fundraising activity will continue with establishment of our fourth fund which targets foreign and domestic Limited Partner commitments of USD 500 million directed towards potential equity investments in both Korea and Pan-Asian businesses with core operations outside of Korea.
Digital Convergence Buyout Fund (Fund I): Korean private equity buyout fund dedicated to investments in the digital content space, primarily targeting online games, online education, other media/entertainment content, and related infrastructure and technology. TStone raised USD 116 million in commitments for domestic Limited Partners. Six months after closing in May 2007, TStone utilized 100% of Fund I commitments by acquiring 8 portfolio companies which included a majority stake in a leading Japanese online game company, and 7 education businesses to form the largest education company in Korea.
TStone Fund (Fund II): Buyout fund focused on follow-on investments in the education sector, Asian middle market companies with enterprise value under KRW 500 billion who present high growth potential, positive cash flow, and global expansion potential. TStone seeks management control and majority BOD representation to provide proactive management of investments to create value. TStone Fund II closed in March 2008, raising USD 130 million in commitments from domestic Limited Partners. Nearly 70% of commitments have been utilized to expand TIME Education, Korea's most fully-integrated education company which includes online and offline learning centers with over 200,000 students, 4,500 teachers, and over 900 campuses.
TStone Fund (Fund III): TStone recently closed a KRW 300 billion Mezzanine fund. With initial investment in Anoto Group AB, a digital pen technology provider, TStone looks to continue its proactive investment into various domains both in-and-outside of Korea.