EQT has confirmed that its BPEA Private Equity Fund VIII has finalised agreements to acquire a majority interest in Remember & Company, an AI-driven HR technology platform based in South Korea.

This transaction involves the sale of stakes from significant shareholders, including Ark & Partners, and is valued at around Won500bn ($400m).

Ark & Partners founder and CEO Sungmin Kim said: “This transaction is a strong validation of our ‘secondary growth buyout’ strategy, demonstrating how hands-on operational and strategic support can unlock the full potential of high-growth companies.

“The transition from Ark & Partners to EQT, represents a ‘new-generation deal’ that highlights the growing interplay between South Korea’s venture ecosystem and private equity market.”

Established in 2013 initially as a business card management application, Remember has evolved into an AI-powered HR tech platform, catering to a significant portion of South Korea’s professional workforce.

The platform boasts a proprietary, self-updating database containing over 500 million name cards and five million users, providing recruitment solutions to more than 10,000 enterprise clients.

In addition to recruitment services, Remember has expanded into a holistic platform that integrates content-driven networking, CRM functionalities, and lead generation tools.

It is often referred to as the “LinkedIn of Korea,” having carved out a substantial presence in a market where LinkedIn has yet to gain significant traction, while promoting more inclusive and efficient hiring practices across various sectors, stated EQT.

The transaction is supported by favourable macroeconomic trends in South Korea, including demographic changes, a rising demand for experienced professionals, and advancements in recruitment technologies.

EQT’s confidence in these trends is reflected in its previous investments in HR tech, including Beamery in the UK, HRBrain in Japan, Handshake in the US, and PageUp in Australia.

EQT Private Capital Korea head and EQT Private Capital advisory team partner Dayea Yeon said: “This transaction underscores EQT’s long-term commitment to Korea and our belief in the transformative power of data and AI to shape the future of work. We look forward to partnering with Remember to drive both innovation and meaningful social impact.”

Since acquiring Remember in December 2021, Ark & Partners has enhanced the company’s operational capabilities and transformed its business model from a simple business card app into a rapidly expanding HR tech platform, according to EQT.

The completion of this transaction is contingent upon standard regulatory approvals and is anticipated to close in the third quarter of 2025.

Following this acquisition, BPEA Private Equity Fund VIII is projected to be 90-95% invested, encompassing closed and/or signed investments, announced public offers, where applicable, and deducting any expected syndication.