Shawn Chang Commissioner INVEST KOREA

EDUCATION

• The Hill School (1992–1996)
• University of Southern California - Bachelor of Economics and East Asian Cultures and Languages (1996-2001)
• Yonsei University - Master of Business Administration (2010-2013)

WORK EXPERIENCE

• Korea Trade-Investment Promotion Agency (2018.09-present)

Head of Invest KOREA

- Oversee foreign direct investment (FDI) attraction activities (investor targeting, investment promotion, etc.) 

- Manage overseas investment (including outbound M&A)

- Cooperate with government, domestic & foreign agencies on inbound/outbound FDI

• Incheon Global Campus Foundation (2013.08-2018.08)

University Relations Team

- Attracted foreign universities (The State University of New York, George Mason University Korea, The University of Utah Asia Campus, etc.) and supported campus operations 

- Conducted national projects and tasks including the establishment of bio-centers 

- Established the business incubator center and attracted foreign accelerators & VC

• CBRE Korea (2007.06-2010.06)

Manager, Consulting Team

- Created and consulted on real estate asset optimization portfolios

- Consulted on financial validity and risk management of overseas projects

Jim Hildebrandt Partner BAIN CAPITAL

Jim Hildebrandt is a Partner of Bain Capital in Hong Kong and a founder of the Bain Capital Asia business.

Prior to joining Bain Capital, Mr. Hildebrandt was a partner at Bain & Company, helping to establish Asian offices in China, Korea, Southeast Asia and Australia. Mr. Hildebrandt served on the Global Operating and Compensation Committees, and had regional leadership responsibility for the Private Equity and Financial Services Practices.

Mr. Hildebrandt received an MBA from Stanford Business School and graduated as the Henry Ford II Scholar. He received a JD from the University of Toronto and studied Mathematics at the University of Western Ontario.

Taeyub Kim Partner and Head of Korea AFFIRMA CAPITAL

Taeyub Kim is a Partner, and Head of Korea for Affirma Capital, based in Seoul.  He has 18 years of experience in consulting and private equity investment, and raised five private equity funds in and outside Korea. Since joining the platform in 2008, he has served as an investment committee member of Affirma Capital (formerly known as Standard Chartered Private Equity (“SCPE”)) and currently serves on the boards of AJ Networks, Sung Gyung Food, Sunwoo Fresh, and Hwasung Cosmetics.

Prior to joining Affirma Capital (formerly, SCPE), Taeyub played an integral role as a founding member of Shinhan Private Equity, where he was actively involved in the execution of seven investments.  Before that, he worked as a specialist in corporate finance at the Boston Consulting Group, where he focused on portfolio management, strategy development, and financial restructuring.

Taeyub received a BS in psychology and a MBA from Seoul National University, and an MPA in International Development from the John F. Kennedy School of Government at Harvard University.

Jin Oh Partner GOODWATER CAPITAL

Jin Oh is a Partner at Goodwater Capital, a global venture capital firm based in Silicon Valley with over $5 billion in AUM. Jin joins Goodwater from a portfolio company Toss, the leading fintech platform in South Korea. He was an executive at Toss spearheading Corporate Development and Investor Relations. Spending four years at Toss, he helped raise over $600 million in equity financing from investor such as Kleiner Perkins, Sequoia China, GIC, and PayPal and also leading the $300 million acquisition of LG's payment business unit. Prior to joining Toss, Jin was a Principal at a private equity fund called NamuCorp, focused on buyouts of financial services companies. Jin started his career in investment banking at BMO Capital Markets as a member of the Financial Sponsors Group and prior to that at MergerTech Advisors where he focused on tech M&A transactions.

Jin attended undergrad at Boston University where he was recruited as a member of the Division I Varsity Men's Soccer Team. He was named Most Outstanding Player for the American East Conference Tournament during his senior year and led the team to the second round of the NCAA Tournament. Jin majored in Economics. He currently lives in Seoul, South Korea, with his wife and two daughters.

Minjun Chung Managing Director HARBOURVEST

Minjun joined HarbourVest in 2011 and focuses predominantly on investments and relationships in the North Asia region. He also leads Korean business development activities.

He joined from Qatar Holding where he was involved in direct investments as well as portfolio company management. Prior to that, Minjun spent two years as a senior associate with Pantheon Capital (Asia), focused on primary, direct, and secondary investments across Asia Pacific. His previous experience also includes two years at McKinsey & Company and two years at Samsung Corporation.

Minjun received a BA in Economics from Yonsei University in South Korea in 2003 and an MBA from INSEAD in 2008. He is a native Korean speaker and is also fluent in Japanese.

Hae-Joon Joseph Lee Partner & Chief Investment Officer IMM PRIVATE EQUITY

IMM is one of the leading private equity investment firms in Korea with approximately US$6.0 billion AUM. At IMM, Joseph is responsible for investments in Korea and Asia and cooperating with Korean and international investors on fund and co-investment opportunities. Key sector focus for Joseph has been healthcare, media, technology-driven services and manufacturing, and consumer.

Previously, Joseph was with Fortress Investment Group in New York. Prior to joining Fortress, he was at Morgan Stanley’s New York office. Joseph served in the Republic of Korea Army as an officer and prior to that was an M&A attorney at Skadden, Arps in New York.

Joseph graduated from Princeton University and the University of Pennsylvania Law School. He is a Chartered Financial Analyst.

Yi-Dong Kim Partner KPMG KOREA

Yi-Dongis the Head of Deal Advisory 5 in KPMG Korea, with over 17 years experience asa partner specializing in financial advisory services (Fund Investment Advisory& Corporate Finance).

Yi-Dong focuses on providing corporate finance and investment advisory services, including mezzanine investment fund, merger and acquisitions, private equity investments, joint ventures, and valuation services.

Regarding M&A services, Yi-Dong recently provided buyer-side advisory services for the acquisition of Wonbang Tech Co., Ltd., and KCI Limited. He also provided sell-side advisory services for the sale of KDA Ltd., Donghae Machinery & Aviation Co., Ltd., and NOX Corp.

Regarding private equity investments, he provided numerous advisory services to the private equity such as Affinity Capital (acquisition of HK Savings Bank), IMM PE (acquisition of cosmetic company and Hyundai Samho Heavy Industries), Crescendo Capital Partners (investment in semiconductor manufacturer and Hancom), and Bain Capital (acquisition and sale of Carver Korea, and acquisition of Hugel)

Regarding Valuation services, Yi-Dong performed various DCF valuations of corporations (such as Yahoo Korea, Kia Motors and LG Card) subject to Primary-CBO.

As for mezzanine deal experience, Yi-Dong established aircraft acquisition fund to successfully raise capital from Korean institutional investors for its project fund (acquisition of 2 A330 Aircrafts)

As for US deal experience, Yi-Dong established the investment fund of KRW 100 billion for Chapter 11 companies with Aladdin Capital in the U.S., and advised on the investments of the fund. Furthermore, he also established the ABS investment fund of KRW 340 billion, using the U.S. bailout loans including term asset backed loan facility with U.S-based BelstarGroup and advised on the investments of the fund.

Lastly, Yi-Dong has advised on a number of institutions, including Korea Investment Corporation, Government Employees Pension Service, Public Officials Benefit Association and Dongbu Fire Insurance, and investments on an individual project basis.

Chulmin Lee Managing Partner VIG PARTNERS

Chulmin Lee is a founding member of VIG Partners, where he joined in 2005. Mr. Lee worked as a Senior Project Leader at the Boston Consulting Group (“BCG”) for five years, engaged in numerous post-merger integration, operational improvement, strategy development, commercial due diligence, and corporate restructuring projects. Mr. Lee managed most of BCG’s M&A and post-merger integration projects in Korea, including overseas strategic investments and cross-border post-merger integrations. Mr. Lee’s experience spans various industries, including industrial goods, financial services, consumer electronics, and telecommunications. Mr. Lee holds an MBA from the Fuqua School of Business at Duke University, and graduated with a BS in Computer Science and Statistics from Seoul National University.

Jay Kim Partner ORCHESTRA PRIVATE EQUITY

Jay Kim (“Jae Wook Kim” or “Jay Kanehara”), CFA, is Partner of Orchestra Private Equity. Jay resides in Tokyo and runs Japan origination and transaction. He also manages Orchestra’s Korea and Singapore operations.

Jay was one of the initial members of Riverside Asia Fund, established in 2007.

29 years of professional experience. 15 years of experience in East Asia buyout funds and 14 years of experience in global management consulting firms. He has founded Orchestra Private Equity in 2014.

Prior to Orchestra, Jay was Partner of Riverside Asia Fund I (“RAF I”) of The Riverside Company. He was also Partner of Asia Growth Fund of PineBridge Investments (previously AIG Investments).

Jay was a management consultant at Bain & Company in Seoul, Tokyo, and Toronto offices. Jay was also a management consultant at The Boston Consulting Group (“BCG”) in Seoul, Tokyo, and Boston offices. He was also was Regional Director of Manpower Group’s consulting unit covering China, Korea, and Singapore.

MBA at Haas School of Business at University of California at Berkeley, and BA degrees in Economics and Asian Studies at The University of Michigan, Ann Arbor.

CFA charter holder. A US citizen and is fluent in English, Korean, and Japanese.

Taeho Lim President & CEO E&F PRIVATE EQUITY

Taeho Lim is Chief Executive Officer of E&F Private Equity. Mr. Lim  founded  E&F Private Equity in 2014 and so far, he has successfully attracted investments in 17 funds, especially showing a strong performance in the waste management industry.

Mr. Lim’s investment philosophy is to be wary of arrogance, to focus on long-term strategies, and to use collective intelligence with team.

Prior to E&F Private Equity, Mr. Lim was Head of Infra PE Division at KDB Daewoo Securities, Senior Manager of PI/PE team at NH Investment & Securities, and Senior Researcher of IT&Mobile Communications, Computer Division at Samsung Electronics.

Mr. Lim holds M.S. in Aerospace & Mechanical Engineering from University of Southern California.

Heeeun Park Partner ALTOS VENTURES

Heeeun Park is a Partner at Altos Ventures. She has invested in more than 80 companies with a focus on Korea and throughout Japan and Southeast Asia. When Altos Ventures expanded its presence to Korea with its first Korea fund in 2014, Heeeun joined as the first member of the Korea team. She has played a key role and actively contributed to the growth and success of the firm's investments in Korea. Last year, Altos closed its sixth Korea fund with $600 million. Prior to Altos, Heeeun was the founder and CEO of an online dating app in Korea, where she grew the company from a business plan to the largest mobile dating service in Korea.

Desmond Chua Head of APAC DATASITE

Desmond Chua is Head of APAC, who joined Datasite (formerly Merrill Corporation) in 2014.

Desmond is responsible for business development including driving growth and innovation for Datasite clients through the implementation of Datasite solutions that power thousands of deals in more than 170 countries. Datasite’s products are used by professionals across banking, capital markets, insurance, legal, healthcare, energy, and other global sectors and markets.

Desmond has strong relationships with C-suite executives across APAC and is passionate about understanding why clients place their trust in Datasite to complete their most important transactions.

Prior to joining Datasite, Desmond led a team that provided bespoke, top-tier liquidity solutions for banks, brokers, funds and trading desks. He has been regularly featured on Channel News Asia, BBC and ET Now, discussing market outlook and trading strategies. He has also been quoted in the media and newswires – CNBC, Bloomberg, Wall Street Journal, AFP, Straits Times and Today.

Find Desmond on Linkedin.

Ken Shin Vice President HYUNDAI MOTOR COMPANY

Ken (Sung Woo Shin) Shin works for Hyundai’s Corporate Venture Capital, or CVC team, whose mission is work with entrepreneurs and intrapreneurs from startups or within the company respectively to deliver new ideas and innovations to market. Past five years, Hyundai CVC has expanded globally, now under a new global identity known as Hyundai Cradle, serving innovation hot beds including Silicon Valley, Berlin, Tel Aviv, Beijing and Singapore. CVC team is promoting open innovation partnership between HMG and startups through strategic investments.

Ken has been leading CVC team since 2014. Prior to CVC team, Ken has worked as a corporate development role in SK Innovation and as R&D engineer in Hyundai Mobis. Ken received a bachelor’s degree in Industrial Engineering from Purdue University- West Lafayette and MBA degree in CEIBS - Shanghai. He lives in Suwon with his wife and three daughters.

Jimmy Kim Co-Founder & Partner SPARKSLAB GROUP

Jimmy Kim is Co-founder & Partner at SparkLabs Group, which is a network of startup accelerators and venture capital funds. Jimmy was Co-founder and President of N3N, an IoT platform company and Cisco’s first global IoT investment. They service numerous Fortune 500 companies and governments, such as Samsung Electronics, POSCO, Port of Singapore, The North Face, and Hyundai Motors.

He previously served as N3N’s CEO. Previously, Jimmy was CEO of Nexonova, a game development studio of Nexon Corp that specializes in Social Network Games. Prior to Nexonova, Jimmy served as Executive Vice President of Nexon Corp (market cap: US$21.6 billion) , and Head of Nexon’s Portal and Web Services. Nexon is one of the most successful online gaming providers, with games such as Maple Story, Dungeon and Fighter, Combat Arms, and Kart Rider. Nexon services over 20 games across 60 countries to an audience of 300 million.

Jimmy was the founding investor and active deal adviser of Studio Ex, an online gaming studio that was acquired by Disney in 2012. Jimmy is sought-after speaker on online gaming and technology and has spoken at various conference such as LeWeb, Ad:Tech, and Web 2.0 Expo.

Jimmy received his B.S. in Bio-medical Engineering from Northwestern University, and also a M.S. in Biological Sciences from Korea Advanced Institute of Science and Technology (KAIST). Jimmy also completed the Stanford University’s Graduate School of Business’s Executive Management Program.

Jai Choi Managing Partner TEKTON/PARTECH PARTNERS

Jai founded Tekton Ventures in 2010, a global seed investment firm that invests in major tech hubs around the world. He has spent over 20 years in Silicon Valley as an entrepreneur and early stage investor. Jai is also a Partner at Partech Partners since 2007, one of the largest U.S.-European venture capital firms with offices in San Francisco, Paris, Berlin and Dakar. Jai has invested in over 150+ early stage companies including Coupang, Toss, Outdoorsy, Nowports, Merama, Signifyd, and Flutterwave.

Prior to Tekton, Jai was a partner with Ignite Ventures, a venture fund and advisory group with limited partners from major Asia-based technology conglomerates. Jai was an early employee at OnePage Software, a content personalization platform acquired by Sybase in 2001. Jai previously co-founded On-Air Networks in 1997, an online radio company acquired by Loudeye (Nokia). Jai started his career in management consulting at PA Consulting Group, working for major telecom and energy companies.

He holds a BS degree from the University of Southern California.

Jeffrey Akers Partner & Head of Secondary Investments ADAMS STREET PARTNERS

Jeff is responsible for all aspects of the secondary business, including strategy, investments, fundraising, and portfolio construction. He is principally focused on leading North American secondary opportunities.

Prior to joining Adams Street, he was a strategy consultant with L.E.K. Consulting, where he managed the execution of market-related due diligence for several top-tier private equity firms.

Previously, Jeff worked for two years as an investment associate with William Blair Capital Partners, a Chicago-based private equity fund with $1 billion under management. At WBCP, he participated in all aspects of sourcing, evaluating, executing, and monitoring buyout and growth equity investments. He also has three years of investment banking experience with William Blair & Company and SunTrust Equitable Securities.

Jeff serves on the Advisory Board of several funds within Adams Street’s portfolio. He is also Chair of Adams Street’s Secondary Investment Committee and a member of the Executive Committee.

Vadim Shpak Managing Director VICKERS VENTURE PARTNERS

Mr. Vadim Shpak joined Vickers in 2016 as Managing Director. He contributes to Vickers’s overall investment strategy, by, among other things, participating in investment selection and recommendation, and portfolio monitoring. In this regard, he also maintains relationships with portfolio companies and works with them to enhance strategic and financial value.

Vadim also participates in the ongoing management and monitoring of both the financial and operational aspects of Vickers’s fund investments. He establishes and maintains relationships with institutional and individual investors to provide comprehensive and current updates and reports of the Vickers funds to enhance understanding of the value created by the firm.

Roderick Purwana Managing Partner EAST VENTURES

Roderick Purwana is a Managing Partner at East Ventures, focusing on growth-stage technology investments in Indonesia and Southeast Asia. Roderick is an active investor with a diverse background in operations and investments in the venture capital (VC) and private equity (PE) industries. Prior to East Ventures, he founded and ran SMDV, a technology venture firm affiliated with the Sinarmas Group, one of the leading conglomerate business groups in Indonesia. He spearheaded the creation of EV Growth (which has been merged with East Ventures since 2021) for SMDV, working closely with East Ventures and Yahoo Japan Capital in 2018.

Before SMDV, Roderick was with Quvat/Principia, where he played an active role in corporate finance (including M&A and IPO) for one of the firm’s portfolio companies. He was also co-founder of Bobobobo, a pioneer in the lifestyle commerce space in Indonesia.
Previously he worked in Silicon Valley, where he started his career following his education in the area.

Roderick received his Master’s from Standford University and his Bachelor’s degree from Cornell University. In 2022, he was listed in the Fortune Indonesia 40 Under 40.

Bumsoo Kim Managing Partner TRANSLINK INVESTMENT

Bumsoo leads U.S. investments of Translink Investment where he invests in early stage startups in B2B software, AI(ML) and digital healthcare. Prior to Translink Investment, Bumsoo was a founder of an online education startup which he ran as the CEO for 6+ years. Before Brightstorm, he worked as an investment principal at KTB Ventures in Silicon Valley where he invested in many successful companies that went public or were acquired in the U.S. Prior to KTB, he was a biz. dev. manager at Samsung Corporation. Bumsoo studied Electrical Engineering at Yonsei University in Korea.

Brijesh Jeevarathnam Partner & Co-Head of Global Venture Fund Investments ADAMS STREET PARTNERS

Brijesh focuses on Adams Street's global venture capital fund investments and is responsible for building and maintaining relationships with key venture capital general partners around the world.

Prior to joining Adams Street, he spent 10 years at Commonfund Capital, most recently as the Managing Director and Co-Head of Global Venture Capital and Head of Emerging Markets. In this role, he led the fundraising, portfolio construction, and investment of global venture capital funds. He also played a key role in Commonfund’s strategy development regarding new products, markets, and client development.

Before Commonfund, Brijesh spent four years at McKinsey & Company, where he oversaw consultant teams performing due diligence, turnarounds of portfolio companies, and the development of investment and organizational strategy for private equity firms. He began his career as a member of GE Capital’s Mergers & Acquisitions team where he managed acquisition-related due diligence and deal structuring.

Brijesh is a member of Adams Street’s Primary Investment Committee.

Dong Hun Jang Senior Advisor, former CIO YULCHON; PUBLIC OFFICIALS BENEFIT ASSOCIATION

Mr. Jang, Dong Hun has managed assets at domestic and foreign management companies for 34 years, and worked for various private and public agencies, including the Korean Financial Supervisory Service and Public Officials Benefit Association. Mr. Jang has extensive experience managing not only traditional assets, but alternative assets as well, which has drawn much attention in recent years. Mr. Jang also served as the representative fund manager of the National Pension Service’s Posco Corporate Partnership Fund in the amount of KRW 560 billion. Mr. Jang has contributed to establishing a global network for alternative investments as an advisor for the Alternative Investment Forum, a global capital market advisor for the Milken Institute, and the editorial advisor for Institutional Real Estate.

Mr Jang is Senior Advisor, Yulchon LLC (2022-Present); Asset Management Advisor, KBIZ (2022-Present); Editorial Advisor for Asia and Europe Region, Institutional Real Estate(IRE) (2021-Present); Asset Management Advisor, Korea Housing & Urban Guarantee Corporation (2021-Present); Asset Management Advisor, Reserve Management Group, Bank of Korea (2020-Present); Member, Risk Management Committee, National Housing Fund, Ministry of Land, Infrastructure and Transport (2020-Present); Asset Management Advisor for Nuclear Energy Fund, Korea Hydro & Nuclear Power (2020-Present); Asset Management Advisor, Korea Financial Consumer Protection Foundation (2020-Present); Member of Investor Committee, Alternative Investment Forum Institute (2019-Present); Global Capital Market Advisor, Milken Institute (2017-Present);  Member, Seoul IB Forum (2017-Present);

Previously he was a Member of Stock Index Management Committee, Korea Exchange (2019-2022), Asset Management Advisor, Korea Scientists & Engineers Mutual-aid Association (2019-2021);  Asset Management Advisor, KBIZ (2018-2020); Asset Management Advisor, Police Mutual Aid Association (2017-2021); Asset Management Advisor, Government Employees’ Pension Service (2016-2018); Vice Chair/CIO(Chief Investment Officer), Public Officials Benefit Association (2015-2022)

Roger Zhang Managing Director-Credit BLACKSTONE

Mr. Zhang is a Managing Director at Blackstone Credit, responsible for origination and execution of credit investments across capital structure in Asia. Before joining Blackstone, Mr. Zhang was the Head of Private Debt Asia at Partners Group, responsible for senior and mezzanine debt investments in private equity sponsor-backed companies across Asia-Pacific. Mr. Zhang holds a MBA from New York University Stern School of Business.

Justin Ferrier Managing Partner-Navis Private Credit NAVIS

Mr. Ferrier is a Managing Partner of Navis Private Credit. Mr. Ferrier has more than 30 years of experience, which includes more than 20 years as a credit investor, portfolio manager and business leader.

Previously he was a Managing Director at BlackRock where he played a pivotal role in building BlackRock’s Asian-Pacific Private Credit business, growing AUM to $700m and developing a successful regional strategy focusing on Southeast Asia and Australia.

Prior to BlackRock, he was the Founder and Chief Executive Officer of Myo Capital. The fund delivered 14% gross returns. Prior to Myo Capital he was a Director / Investment Committee Member with ADM Capital and a Corporate Finance Executive with Peregrine Capital and SG Warburg Group.

Mr. Ferrier holds an MBA, majoring in Finance and Accounting from Monash University and a Bachelor in Science from the University of South Australia.

Bryant Stone Managing Director TOR INVESTMENT MANAGEMENT

Bryant Stone is a Managing Director at Tor Investment Management, a Hong Kong and Singapore-based alternative credit manager focused on the Asia-Pacific markets with over $2 billion under management.  Bryant is a senior member of Tor’s 17-person investment team and focuses on deal origination and structuring of corporate and real estate debt transactions across the Asia-Pacific region.  He has 19 years of experience in direct investing and structuring credit investments. Prior to TOR, Bryant worked for GE Capital across Beijing, Tokyo, Hong Kong and the United States. Bryant moved to Hong Kong in 2006 to help set up the GE Capital credit team where he focused on loans, NPLs, and equity investments across the region.  While in Asia Bryant was Head of Credit and Restructuring and Co-Chief Risk Officer in Tokyo and Beijing, respectively.  Bryant earned a BS degree in Business Administration with a double concentration in accounting and finance from Boston University’s School of Management.

Wansun Park Head of Overseas Alternative Investment Team FUBON HYUNDAI LIFE INSURANCE

Wansun Park is the Head of Overseas Alternative Investment Team in Fubon Hyundai Life Insurance (“FHL”), where he manages overseas private equity & credit, real estate and infrastructure. Mr. Park has developed the overseas alternative investment platform for FHL during his tenure. Prior to joining FHL in2019, Mr. Park was a Associate Director at Aberdeen Standard Investments, where he was responsible for business development in Korea. Previously, Mr. Park was a Manager at Hyundai Marine &Fire Insurance, where he focused on alternative investments. He began his career at KPMG as an accountant. Mr. Park received a B.A. from Korea University, and is a CPA.

Jason Taebok Kang Managing Director-Global Alternative Investment Division DS INVESTMENT & SECURITIES

Jason has spent more than 20 years in Korea Teachers’ Credit Union. He is the one who initiated overseas real assets investment for KTCU right after 2008 GFC by committing AUD100mil to Desalination plant in Victoria, Melbourne. He also created the overseas PE investment program for KTCU since 2014 and grow the team and its asset to USD 3bil above in short period time. Then he joined Hanwha Asset Management being in charge of overseas infrastructure investment. Shortly after, MG-KFCC, another big size institutional Investor invited him to set up overseas commingled fund investment program. Under severe condition like covid-19 pandemic, Jason successfully committed 500mil to 5 different funds for MG-KFCC. 

Seunggu Ahn Senior Principal & Head of Korea MUBADALA

Seunggu Ahn heads the Korea team within Mubadala Investment Company's Direct Investment Platform as part of its Asia investment strategy since 2023. Before joining Mubadala, she served as Senior Director in the Private Equity team at Korea Investment Corporation (KIC) for over a decade, overseeing investments in diverse private equity strategies globally. Prior to her tenure at KIC, she held positions at Tstone Group, a mid-market buyout firm in Korea, and in Morgan Stanley's Principal Investment division.