ALTERNATIVE ASSETS in SOUTH KOREA November 2018 PREQIN MARKETS in FOCUS: ALTERNATIVE ASSETS in SOUTH KOREA

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ALTERNATIVE ASSETS in SOUTH KOREA November 2018 PREQIN MARKETS in FOCUS: ALTERNATIVE ASSETS in SOUTH KOREA PREQIN MARKETS IN FOCUS: ALTERNATIVE ASSETS IN SOUTH KOREA November 2018 PREQIN MARKETS IN FOCUS: ALTERNATIVE ASSETS IN SOUTH KOREA Executive Editor: Managing Editors: Production Editor: Selina Sy Katie Jung Tim Short Ling Yan Teo Sub-Editors: Kalusha Yap Charlotte Mullen Louise Weller In-House Contributors: Dae Yeon Bae Michelle Ho Leo Peavy Zack Breeze Ee Fai Kam Diana Ramiro Moses Chan Judith Lim Ryan Soon Emma Evans Si Jia Li Anna Strumillo Jamie Fisher Ajay Narang Carmen Wong External Contributors: I.J. Song & Hae-Joon Joseph Lee, IMM Private Equity J. Jason Shin, VIG Partners Dong Guel Kwak, STIC Investments Jae Myung Kim & Jong Hyun Park, Kim & Chang Research & Analysis Team, Korea Venture Investment Corp. Daeho Kim, Seoul Metropolitan Government Kyung Paik, IGIS Asset Management Hyung-Don Choe, National Pension Service of Korea Dong-Hun Jang, Public Officials Benefit Association Taehyeong Kim, Teachers’ Pension Jason Kang, Korean Teachers’ Credit Union Jake Lee, Hyundai Marine & Fire Insurance JK Paul Yang, Kiwoom Asset Management Yun Bak Chung, Jae Myung Kim & Kyle Park, Kim & Chang 1 PREQIN MARKETS IN FOCUS: ALTERNATIVE ASSETS IN SOUTH KOREA CONTENTS 4 CEO’s Foreword 24 Korean Venture Capital Market Overview 5 Key Trends: South Korea – Korea Venture Investment 6 How South Korea Is Corp. Lighting up Private Equity 27 Financial Technology Has in Asia Crossed the Han River – – IMM Private Equity And It’s Here to Stay 10 Private Equity: Assets – Seoul Metropolitan under Management Government 11 The Key to Unlocking 30 Real Estate Value from Buyouts? 33 The Korean Real Estate Studied Control Market Is Opening up to – VIG Partners the World 14 Private Equity: – IGIS Asset Management Fundraising and Deals 36 Real Assets Private Equity – The New 17 Hedge Funds Financial Rocket Powering 39 the Korean Miracle 41 Investors in South Korea: – STIC Investments In Numbers 21 Key Takeaways on Tax 42 Snapshot of South Korea’s Changes to Promote Largest Investor Foreign Investment – National Pension Service – Kim & Chang of Korea 2 ©Preqin Ltd. / www.preqin.com 45 Investors in South Korea 67 Service Providers 50 The Change Challenge for 68 Regulatory Overview for Mid-Sized Pension Funds Raising Private Placement – Public Officials Benefit Funds Association – Kim & Chang 53 In Focus: Public Pension Funds and Insurance Companies 56 The Preqin LP Roundtable: 10 Questions for Three Players 64 The “Hidden Gatekeepers” to LPs in South Korea – Kiwoom Asset Management All rights reserved. The entire contents of Preqin Markets in Focus: Alternative Assets in South Korea, November 2018 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Markets in Focus: Alternative Assets in South Korea, November 2018 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Markets in Focus: Alternative Assets in South Korea, November 2018. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Markets in Focus: Alternative Assets in South Korea, November 2018 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Markets in Focus: Alternative Assets in South Korea, November 2018 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. 3 PREQIN MARKETS IN FOCUS: ALTERNATIVE ASSETS IN SOUTH KOREA CEO’s FOREWORD elcome to our ‘Markets in Focus’ study on alternative assets in South Korea, Preqin’s first report focused exclusively on this pivotal Asia-Pacific market. Why South Korea? The country is becoming Wincreasingly important in alternative assets as both a destination for the investment of capital and a source of capital for investment globally. Despite being the world’s 11th largest economy, comparatively speaking, global investors still have MARK O’HARE relatively limited exposure to the country. This is partly due to the fact that, until recently, there were CEO, Preqin limited avenues to access the market for global institutional investors. However, this has started to Meanwhile, Korean investors include some of change recently, and experienced local managers the largest and most sophisticated allocators to have begun to raise Korea-focused funds across alternative assets on the planet, led by National multiple investment strategies: Pension Service, one of the largest pension funds in ■ Since 2008, there have been 259 private equity- the world. Preqin tracks 154 significant institutional backed buyout deals completed in Korea, with investors in Korea. Among these, pension funds have an aggregate value of $55bn, approximately grown from $405bn in 2013 to $639bn in 2018. With 15% of the Asia-Pacific total over this period. a large asset base, many of these local institutions With further diversification expected from are looking overseas for a significant proportion the country’s chaebols, and consolidation of their targeted alternative assets investment anticipated among smaller companies, programs. Several have established permanent prospects for future activity look promising. offices in Europe and North America, testament to ■ Venture capital has been strongly supported the long-term nature of their global strategies. by the government, and investment in targeted tech sectors has grown consistently. Fig. 2 on Preqin is investing heavily to expand and deepen its page 25 shows the strong growth of venture coverage of alternative assets in Asia-Pacific. Given capital investment over the decade to 2018, and the growing importance of Korea and its integration government initiatives across several emerging within the global market as both a destination tech sectors are underpinning future growth. for and a source of funds, it was natural for us to ■ Overseas participation in Korean real estate undertake this review of Korea. We are extremely has until recently been limited; however, the grateful to our many friends and clients that have emergence of more experienced local fund generously contributed their views and insights to managers is opening up new opportunities for this report – they are listed on page 1 – thank you all! foreign investors. ■ Assets under management in Korean real assets We hope that you will find this report to be a helpful has grown substantially in the past three years and beneficial overview and guide for you in your (see page 36); and while the local hedge fund engagement with alternative assets in Korea. industry remains relatively small (see page 39), there are opportunities for growth. Thank you! 4 ©Preqin Ltd. / www.preqin.com DOWNLOAD DATA PACK: www.preqin.com/KOREA18 KEY TRENDS: SOUTH KOREA With their increasing sophistication, Korean LPs continue to expand their 1 overseas alternatives allocations. ■ The growth of investors’ overseas alternatives ■ In 2017, capital distributions exceeded capital allocations is outstripping that of their domestic contributions for the first time in the past allocations, fuelled by limited opportunities decade, a key driver that will likely stimulate onshore and increased familiarity with foreign fundraising in the market. markets. ■ Investors seek strategic partnerships with GPs – LPs see the value of building long-term The real estate market becomes more partnerships with GPs that are well-suited for accessible to foreign investors. them. 4 ■ Investors believe that language and cultural ■ As experienced fund managers are starting to barriers remain an issue – GPs that can raise Korea-focused blind-pool funds, this has overcome such hurdles and commit to the local provided a more efficient avenue for global market will be at an advantage. investors into the Korean real estate market. ■ Despite the high valuations globally, with its capitalization higher than other Asian peers’, Government initiatives pave the way for core real estate in Korea still offers attractive the domestic alternatives landscape. opportunities. 2 ■ GPs are moving up the risk/return spectrum – ■ The Korean Government introduced private more value-added funds appear in the market equity funds in 2004 to protect domestic assets in response to LPs’ demand for higher returns. from too much foreign influence and ‘predatory’ capital in the aftermath of the Asian Financial Crisis. Technology and innovation are driving ■ In 2015, the government simplified and eased the venture capital industry. regulations on entry, establishment, operation 5 and sales of private funds. ■ Korea intends to
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