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Private Equity's Smoothie Path.

A South Korean cultural wave is sweeping the world, with interest surging in areas ranging from the country's pop music to cosmetics to television dramas. Now, smoothies could be next.

At least that is what Standard Chartered PLC's private-equity unit is banking on with a $45.5 million joint investment with Korea's National Pension Service for a 48% stake in Smoothies Korea Inc.

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