KIC-NongHyup Central Association Sign MOU to Establish $400 Million Joint Venture

[Asia Economy Reporter Minji Lee] Korea Investment Corporation (KIC) announced on the 13th that it has signed a business agreement to establish a joint venture (JV) for overseas private equity joint investment worth 400 million dollars with NongHyup Central Association.

This investment agreement was carried out as a follow-up to the overseas investment cooperation memorandum of understanding (MOU) signed last May, and through today's agreement, the two institutions have laid a practical foundation for joint investment. The establishment scale is approximately 300 million dollars from KIC and 100 million dollars from NongHyup Central Association.

On this day, the two institutions agreed to discuss procedures, targets, and methods for private equity joint investment. Through cooperation in various aspects such as joint review of investment proposals, exchange of opinions, and investment execution, the first joint investment is expected to take place within this year.

Choi Hee-nam, President of KIC, stated, “We expect to generate significant synergy effects such as sharing overseas private equity joint investment opportunities and improving returns through fee reduction,” adding, “We will actively share investment networks and know-how with domestic public sector investment institutions and contribute to the development of the financial industry by enhancing the overseas investment returns of national assets.”