Key Takeaways
- • Centroid Investment Partners and Clearlake Capital sold US Concert Golf Partners to Bain Capital for approximately 2 trillion won (~$1.5 billion USD equivalent), generating a return of more than 2x for Centroid in roughly two years.
- • Concert Golf operates 39 private golf and country clubs across the United States; Centroid and Clearlake acquired the company from Blackstone in 2022 for just under 900 billion won, then executed 14 additional acquisitions to expand the portfolio.
- • Bain Capital's acquisition reflects conviction in sustained demand for premium member golf courses and leisure infrastructure, positioning the deal within a broader institutional appetite for alternative real estate and lifestyle assets.
- • The project fund established by Centroid to acquire Concert Golf is projected to achieve an internal rate of return (IRR) in the high 20% range, with MG Community Credit Cooperative participating as an anchor investor.
- • Centroid has consolidated a comprehensive golf infrastructure portfolio spanning global brands (TaylorMade), premium US club networks (Concert Golf), and domestic assets (South Springs Country Club in Korea).
Summary
Centroid Investment Partners, a domestic South Korean private equity firm, has exited its investment in US Concert Golf Partners by selling the company to global private equity giant Bain Capital for approximately 2 trillion won. The transaction, completed in November 2025, marks a successful exit for Centroid and co-investor Clearlake Capital, who acquired the asset just under three years prior from Blackstone for approximately 900 billion won in 2022.
The sale demonstrates strong returns in the golf and premium leisure sector. Centroid achieved an investment return exceeding 2x on its capital within approximately two years of acquisition. The project fund Centroid established for the Concert Golf investment is estimated to generate an IRR in the high 20% range, with principal returns approaching 2x. MG Community Credit Cooperative participated as an anchor investor in the fund structure, indicating institutional demand for alternative real estate and leisure assets within South Korean capital markets.
Concert Golf operates a substantial network of 39 private golf and country clubs throughout the United States. Following the initial Blackstone acquisition in 2022, Centroid and Clearlake Capital aggressively expanded the portfolio through 14 additional acquisitions, substantially broadening the company's market reach and revenue streams. Bain Capital's decision to acquire the platform reflects institutional confidence in persistent demand for premium membership golf courses and affiliated leisure infrastructure, particularly among high-net-worth individuals and corporate clientele.
Centroid's broader strategy extends beyond Concert Golf. The firm has previously acquired TaylorMade, a global golf equipment and apparel brand, and South Springs Country Club, a premium public golf course in South Korea. Combined with the Concert Golf acquisition, these investments position Centroid with an integrated portfolio spanning golf equipment manufacturing, premium club operations, and leisure real estate across multiple geographies, creating a vertically integrated alternative assets platform in the golf and lifestyle sectors.
The sale demonstrates strong returns in the golf and premium leisure sector. Centroid achieved an investment return exceeding 2x on its capital within approximately two years of acquisition. The project fund Centroid established for the Concert Golf investment is estimated to generate an IRR in the high 20% range, with principal returns approaching 2x. MG Community Credit Cooperative participated as an anchor investor in the fund structure, indicating institutional demand for alternative real estate and leisure assets within South Korean capital markets.
Concert Golf operates a substantial network of 39 private golf and country clubs throughout the United States. Following the initial Blackstone acquisition in 2022, Centroid and Clearlake Capital aggressively expanded the portfolio through 14 additional acquisitions, substantially broadening the company's market reach and revenue streams. Bain Capital's decision to acquire the platform reflects institutional confidence in persistent demand for premium membership golf courses and affiliated leisure infrastructure, particularly among high-net-worth individuals and corporate clientele.
Centroid's broader strategy extends beyond Concert Golf. The firm has previously acquired TaylorMade, a global golf equipment and apparel brand, and South Springs Country Club, a premium public golf course in South Korea. Combined with the Concert Golf acquisition, these investments position Centroid with an integrated portfolio spanning golf equipment manufacturing, premium club operations, and leisure real estate across multiple geographies, creating a vertically integrated alternative assets platform in the golf and lifestyle sectors.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.