Coupang
Coupang is commonly referred to as the “Amazon of South Korea” and is one of the largest ecommerce businesses in Asia. It offers a range of services including same-day and next-morning delivery of groceries and general merchandise, delivery of prepared foods through Coupang Eats, and video streaming though Coupang Play.
- Pillar
- Private investments
- Theme
- Digital transition
- Status
- Exited1
- Geography
- South Korea
- Invested date
- 2018
- Security
- Convertible note and preferred equity
- Exit
- IPO
Through our close partnership with Greenoaks, a leading US-based growth equity manager, we co-invested US$50m in Coupang in 2018. RIT was invested via a convertible note and preferred equity that provide creditor-like protections from potential risks while retaining the benefit of equity exposure.
Coupang listed on the NYSE in March 2021, closing with a market capitalisation of approximately US$85bn at the end of its first day of trading. Following the listing, RIT hedged the position as part of its risk management framework, protecting investment gains from subsequent share price volatility.
1Exited Private Investment. Existing direct Quoted Equity investment.
Source: Company information, Bloomberg
