Teramons Asset Management Co., Ltd. Transforms into ST. Asset Management Co., Ltd., Appoints New Co-CEOs

Teramons Asset Management Co., Ltd. has appointed new co-CEOs and changed its name to ST. Asset Management Co., Ltd., embarking on a new challenge as an alternative investment specialized financial company.

Teramons Asset Management Co., Ltd., which appointed Lee Yung-soo and Lee Seung-hwan from Meritz Securities as the new co-CEOs, also appointed David Lee (Lee Cheon-soo) as the new chairman of the board and changed its company name to ST. Asset Management, carrying out a major personnel and organizational overhaul.

Lee Yung-soo, the new co-CEO of ST. Asset Management, is an expert with over 20 years of experience in alternative investments, having served as head of the Alternative Investment Team at the Korea Local Finance Association, head of the Alternative Products Team at DB Financial Investment, and head of the Comprehensive Alternative Investment Team at Meritz Securities. His major achievements include the acquisition and sell-down of the operator of LaGuardia Airport in the U.S. and the successful IPO of JR Global REIT, the first in Korea, through deal sourcing of the Finance Tower in Belgium.

Co-CEO Lee Seung-hwan is a seasoned securities professional and expert in real estate project financing (PF) underwriting, having led numerous large and small real estate PF deals over 17 years, including 10 years at Hi Investment & Securities and 7 years at Meritz Securities.

He successfully completed the initial PF for Yeosu Ungcheon residential land development worth approximately 550 billion KRW in 2016 and the Hills State PF projects for Myeongnyun 1 and 2 in Busan. In 2019, he managed the Magok MICE development project, known as the largest PF financing deal to date, valued at 2.6 trillion KRW.

David Lee, the new chairman of the board, who has operated hedge funds in Los Angeles, USA for several years, will be responsible for overseas fundraising and deal sourcing at ST. Asset Management.

An ST. Asset Management official stated, “We are striving to expand investment destinations by seeking promising future growth engines and further expanding our existing areas. We are currently working on deals related to space business and senior-related businesses (medical centers, senior residences, etc.), which are considered promising future industries, and have set establishing a real estate blind fund as a new goal for 2023.”

They added, “In 2024, we aim to actively pursue M&A and acquire VC and PE GP licenses. Within the next three years, we plan to achieve assets under management of 1 trillion KRW and operating profits exceeding 10 billion KRW, striving to be recognized as a leading alternative investment specialized financial company acknowledged by all.”