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[한경 CFO Insight]김수민 (UCK파트너스, 대표이사) 제가 과거 칼럼에서 컨설팅과 PE의 차이에 대해서 설명한 적이 있습니다. 사실 둘은 본질이 달라도 너무 다른 사업이라서 비교하는것 자체가 무의미한 것일수 있습니다. 그래도 제가 시간을 들여서 그 글을 쓴 이유는 (1) 컨설팅회사들이 PE고객 대상 컨설팅 사업을 적극적으로 확장하면서 PE와 컨설팅의 접점이 점점 많아지고, (2) 두 산업간 인력의 공유가 매우 활발하기 때문입니다. PE 프로페셔날들 중 컨설팅 출신들이 상당수 있고 점차 늘어나는 추세입니다. PE업을 시작하기 전 Bain & Company에서 10년 이상 근무한 저도 물론 그 중에 한 사람입니다. 오늘 주제와 관련해서 UCK파트너스에 대한 두 가지 시장의 평판이 있다고 들었습니다. 저 포함 파트너 3명이 전부 컨설팅 경력을 가진 컨설팅 출신들이 만든 PE라는 것과, 그런데 정작 컨설팅을 전혀 쓰지 않는 PE라는 두가지 입니다. 잘 모르는 사람들은 UCK에 컨설팅 출신이 많아서 내부 컨설팅 조직이 있어서 컨설팅을 안쓴다거나 아직 펀드 규모가 작아서 딜 비용을 줄이기 위해서 안쓴다고도 오해를 합니다. 그런데 둘 다 사실이 아닙니다. UCK의 16명 투자팀원들 중 컨설팅 출신은 2명 밖에 되지 않습니다. 그리고 요즘 LP기관들도 예전과는 달리 컨설팅을 쓰는 것에 대한 반감이 없어졌기 때문에 굳이 GP입장에서 딜 비용을 줄이기 위해서 컨설팅을 쓰지 않을 이유도 없습니다. 투자회사 비용으로 컨설팅을 하게되면 엑싯 시점에서는 일회성 비용으로 구분할 수 있기 때문에 왠만한 규모의 회사라면 비용 자체가 큰 부담이 되지 않습니다.UCK가 컨설팅을 쓰지 않는 이유는 따로 있고 그 이유에 대해서 설명 드리고자 합니다. 이해관계 불일치PE운용사와 컨설팅회사는 이해관계가 일치하지 않습니다. 제 칼럼에 여러번에 걸쳐서 말씀 드린것처럼 저는 PE업의 핵심 중에 핵심이 이해관계의 일치(alignment of interest)라고 생각합니다. 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