CVC agreed to take an approximately 9% stake in Silicon2, the global distributor at the centre of K-beauty's export boom, in a deal that values the South Korean company at about $2.1bn. The investment, made through the firm's CVC Asia VI fund, comes as a primary issuance of redeemable convertible shares, meaning fresh capital flows into the business to fund its next phase of growth rather than cashing out existing holders.

Silicon2 is listed on Korea's KOSDAQ exchange, with CVC injecting growth capital into a listed, founder-led company. Korean press, including Chosunbiz, reported the investment at around 300 billion won ($215m), consistent with a roughly 9% slice of the stated enterprise value.

The primary proceeds are earmarked for continued global expansion, supply-chain optimisation, and professionalisation.