South Korean sovereign wealth fund Korea Investment Corporation (KIC) is partnering with Seoul Guarantee Insurance Company (SGI) to co-invest in overseas hedge funds, according to a report in the Korea Economic Daily.
The agreement will see SGI and Korea’s Tongyang Life Insurance Co jointly invest USD20 million in KIC’s USD300 million joint venture with Korea’s National Agricultural Cooperative Federation (NongHyup) and the National Federation of Fisheries Cooperatives (Suhyup).
KIC, NongHyup and Suhyup invested USD150 million, USD100 million and USD50 million in the JV when it was established last November.
