Gaw Capital Partners has acquired a 100% stake in Korea Environmental Technology ( Koentec ), an integrated waste management company based in Ulsan, South Korea, for approximately US$500 million from E&F Private Equity and IS Dongseo. The deal marks its first investment in the waste management infrastructure sector.

Koentec is the leading operator in waste incineration and steam production ( by single-site capacity ) with sizeable landfill capacity in South Korea. Strategically located in the Ulsan Industrial Complex Zone, the country's hub for automotive, shipbuilding, and petrochemical industries, Koentec operates a highly efficient, end-to-end waste management platform from a single site.

The company boasts industry-leading Ebitda margins with significant potential for organic growth through capacity expansion and bolt-on acquisitions.

Founded in 1993 through a joint investment by 85 companies operating in the Ulsan/Mipo industrial complex, Koentec has established longstanding relationships with a roster of blue-chip customers. These relationships are anchored by B2B contracts, many of which span over 20 years.

Gaw Capital says the acquisition underscores its strategic commitment to expanding its presence in the infrastructure sector and leveraging Koentec's strong market position to capitalize on future growth opportunities in the waste management industry in Korea and across Asia-Pacific.

"Waste management is an essential public service with inelastic demand regardless of economic conditions, providing predictable revenue streams that appeal to institutional investors,” says Gaw Capital president and managing principal Kenneth Gaw. “This acquisition aligns perfectly with our strategy of diversifying the asset classes we invest in, reinforcing our position as a leading multi-asset investment manager. Korea is also a key focus market for our firm, and we continue to look for opportunities to expand our presence there."

Korea's waste management industry is one of the most advanced in the world, with significant barriers to entry. Strict government oversight has resulted in a recycling rate of over 80% and a landfill diversion rate of over 90%, both ranking among the highest in OECD nations.

Headquartered in Hong Kong, Gaw Capital Partners is a global multi-asset investment management firm focusing on real estate, growth equity, private credit, and infrastructure markets. Since 2005, the company has managed US$34.3 billion in assets and raised US$24.6 billion in equity as of Q3 2025.