South Korean sovereign wealth fund Korea Investment Corporation (KIC) has appointed an India head as it opened an office in Mumbai, its first in the country and fifth overseas.
KIC, which has assets under management of around $170 billion, got the Reserve Bank of India’s approval to open the office on 24 January 2024.
“The Mumbai office will become an integral part of KIC’s sustainable growth by capturing new investment opportunities in the world’s fastest-growing economy, primarily in the private equity, venture capital, real estate and infrastructure markets,” said KIC CEO Seoungho Jin.
Kiho Kwon, part of its investment strategy and innovation group, will head the Mumbai office. The fund will also appoint two local experts, including a private equity investment professional.
The office will help the fund with financial markets research, information gathering on investment opportunities and deal sourcing, supporting the alternative investment activities of headquarters, building and managing networks with investment managers in India, and providing support for other public funds and financial institutions of Korea.
Founded in 2005, KIC manages public funds entrusted by the Korean government, Bank of Korea and other public funds, investing across diverse asset classes.
KIC's other overseas offices are in New York, London, Singapore and San Francisco.
With the Mumbai office, KIC joins a slew of global pension giants and state-run wealth funds that have expanded their presence in India with physical offices.
The Ontario Teachers’ Pension Plan Board set up its India office in September 2022 and global investment group CDPQ opened its office in Delhi in 2016. Other sovereign wealth funds or state-backed funds with physical offices in India include Singapore’s Temasek Holdings, Malaysia’s Khazanah Nasional, Singapore’s GIC, and Canada’s Canada Pension Plan Investment Board.
