ICG $370 million exit from Yudo

Davis Polk advised ICG on its successful exit from Yudo Holdings Co., Limited through a two-tranche share buy-back and special dividend for aggregate consideration of $370 million. ICG originally invested in Yudo in December 2017 through its Asia Fund III vehicle, Match Jersey, by subscribing for 1,290,000 convertible preference shares of Yudo and making a further capital contribution in 2018. Following completion of that investment in 2018, ICG held an approximately 30% interest in Yudo on an as-converted basis.

Under the share buy-back agreement signed on January 20, 2026, Yudo paid ICG a special dividend of $90 million. ICG’s preference shares were then converted into ordinary shares on a one-for-one basis, and Yudo repurchased those shares in two closings for a total of $280 million. The first closing, for $120 million, was completed on February 27, 2026, and the second closing, for $160 million, was completed on September 21, 2026. All special rights previously granted to ICG terminated upon completion of the first closing. The transaction provided an efficient liquidity solution for ICG to fully realize its investment while enabling Yudo’s founding shareholders to consolidate core ownership without the introduction of a new third-party investor.

ICG is a global alternative asset manager specializing in structured capital, private equity secondaries, private debt, credit and real assets. Founded in 1989 and headquartered in London, ICG partners with institutional investors worldwide to deliver long-term, risk-adjusted returns through its broad platform of strategies. With operations spanning Europe, North America and Asia, ICG has more than $126 billion of assets under management.

Yudo is a global precision thermal management technology company. It is the world’s largest provider of hot runner systems by revenue, with approximately 12.5% of the global market in 2025. Yudo designs, engineers and manufactures thermal control products and solutions that govern the heating, cooling and flow of materials in precision manufacturing processes. Its history dates to 1986, when Yudo Korea was founded in Korea, and its manufacturing footprint now spans Korea, the PRC, Portugal, the United States and India.

The Davis Polk corporate team was led by partner Samuel Kang and included registered foreign lawyers Yong Lee and Claire Park. All members of the Davis Polk team are based in the Hong Kong office.