Sovereign wealth funds Korea Investment Corporation (KIC) will cooperate with NongHyup Financial Group on overseas private equity fund investment.
On the 30th, KIC announced that it had signed a business agreement with NongHyup Financial Group for joint investment in overseas private equity.
The two companies plan to engage in comprehensive cooperation regarding investment targets and methods in overseas private equity investment. Additionally, they have scheduled collaboration for financing domestic corporations' overseas mergers and acquisitions (M&A).
This agreement was promoted as part of support for domestic financial institutions' entry into the overseas alternative investment market. Support for access to high-quality investment opportunities is also planned.
KIC has been assessed as having established a global financial market investment network since starting overseas private equity investments in 2009.
Park Il-young, president of KIC, said, "The business agreement signed with NongHyup Financial will strengthen the overseas investment capabilities of Korean institutional investors" and noted, "We will expand strategic cooperation."