IGIS Asset Management has closed its new fund at $350 million. The IGIS Strategic Fund I will focus on office, retail, mixed-use and logistics real estate in South Korea. The fund’s investors include The National Pension Service of Korea and Korea Post. Hodes Weill Securities LLC served as financial adviser and global placement agent to IGIS.
(Seoul, South Korea/New York, NY) – October 3, 2018 – IGIS Asset Management Co., Ltd. (IGIS) is understood to have successfully closed IGIS Strategic Fund I, a fund with an equity capitalization of KRW 400 billion (approximate USD 350 million equivalent), approximately 12 months after launching marketing. The Fund reached its hard cap of KRW 400 billion and received capital commitments from two leading Korean institutional investors, The National Pension Service of Korea (NPS) and Korea Post. IGIS declined to comment on the fund raise.
The Fund will plan to take advantage of inefficiencies in the Korean real estate market to pursue value-add opportunities, utilizing a “Buy, Fix, Sell” strategy. With a target holding period of two to five years, the Fund will aim to achieve capital appreciation primarily from the acquisition, redevelopment, repositioning, operation, leasing and sale of value-add office, retail, mixed-use and logistics real estate investments in the three business districts in Seoul, as well as in other Greater Seoul submarkets and other major metropolitan cities in South Korea. The Fund is expected to close on its first two investments in October and has an active pipeline of approximately USD 600 million of gross additional investments.
Headquartered in Seoul and formed in 2010, IGIS is an integrated real estate investment and asset management firm based in Seoul, South Korea and has grown to become the largest Korean real estate asset manager in 2015. The Company continues to hold that position today with a total AUM of USD 20 billion. IGIS is recognized as an experienced and trusted fiduciary, managing capital on behalf of over 80 sophisticated institutions, including public and private pensions, insurance companies, mutual aid associations and global financial institutions. The Company is an investment advisor and asset manager registered with the Financial Supervisory Service of South Korea and is regulated under the Capital Markets Act.
Hodes Weill Securities, LLC, a global real estate advisory firm, acted as the exclusive financial advisor and global placement agent to IGIS.