Stonebridge Group is exploring an investment in Solidigm, the NAND flash subsidiary of South Korea’s SK Hynix (000660.KS), through its U.S. investment platform. The plan calls for Stonebridge Global, the American subsidiary of Stonebridge Holdings, to participate as a minority investor. A club deal structure is under discussion in which Stonebridge Global would co-invest alongside a U.S. private equity fund (PEF) manager founded by Noh Jong-won, former president of SK Hynix.
According to investment banking industry sources on the 25th, Stonebridge Global is reviewing a plan to secure a minority stake through a separate project fund if Solidigm’s external fundraising is confirmed. While SK Hynix has not yet made a final decision on bringing in outside investors, Stonebridge Global is seen as likely to join as a financial investor (FI) once investor recruitment begins in earnest.
Stonebridge Global is a separate investment entity that Stonebridge Holdings recently established in the United States to expand its overseas private equity and venture capital investments. Operating independently from Stonebridge Capital, it is responsible for sourcing investment opportunities in the U.S. and deploying capital on a project-by-project basis. The firm has already completed an investment in Nano Pharmasolution, a U.S. biotech company. The Solidigm investment is viewed as one of the first major tests of Stonebridge’s push into large-scale overseas deals through its U.S. platform.
Collaboration with Noh’s side is central to this transaction. The U.S. PEF manager he founded is reportedly pursuing trillion-won-scale fundraising with Solidigm as its first investment target. Industry observers expect Noh’s side to take on approximately 20% of the total investment, with a certain portion likely to be allocated to Stonebridge Global. The structure is a club deal in which Noh’s side secures the investment opportunity and then shares part of the allocation with Stonebridge Global.
For Stonebridge Group, co-investing with Noh’s side—which brings semiconductor industry expertise—allows the firm to gain investment experience and build networks in the U.S. market without committing massive capital on its own. Noh is highly regarded for his deep understanding of the target, having overseen the acquisition of Intel’s NAND business, Solidigm’s predecessor, during his tenure at SK Hynix.
The past ties between Stonebridge Group founder and largest shareholder Kim Ji-hoon and SK Group are also drawing attention in connection with this deal. Kim is known to have maintained contact with SK Group through various investment and business activities. Stonebridge has participated in preferred stock investments in SK Incheon Petrochem, the acquisition of a controlling stake in InCross, SK Group’s advertising business unit, and the purchase of a stake in SK Group’s Ulsan AI data center. As a result, market participants suggest that Kim’s network may have played some role in sourcing this investment opportunity.
Solidigm’s external fundraising is being discussed at up to 10 trillion won (approximately $7.2 billion). Industry sources previously indicated that SK Hynix values Solidigm at around 50 trillion won (approximately $36.2 billion) and is pursuing a larger-than-expected capital raise. Global institutional investors, including UAE sovereign wealth fund Mubadala, are also being mentioned as potential investors.
However, SK Hynix has not yet reached the stage of finalizing Solidigm’s external fundraising. The decision on whether to raise capital, the size, the investment structure, and the participating investors have not been concretely determined. Industry observers expect that once SK Hynix’s external fundraising plan takes shape, the investment amounts and approaches of domestic and international investors, including Stonebridge Global, will also be decided.