Military Mutual Aid Association Selects Six Companies for Real Estate Development Blind Fund Shortlist

Mirae Asset, IGIS Asset Management, and Others
"In Line with Government Real Estate PF System Reforms"

The Military Mutual Aid Association announced on July 16, 2025, that it has selected the shortlist of qualified candidates for its domestic real estate development blind fund investment project.

The shortlist includes Mirae Asset Global Investments, IGIS Asset Management (KB Securities Co-GP), JR AMC, Capstone Asset Management, Koramco REITs Management & Trust, and Koramco Asset Management.

The final two managers will be selected after presentations on their management strategies and risk management plans. The total investment amount is 100 billion KRW.

The Military Mutual Aid Association publicly recruited delegated managers for the development-type blind fund investing in real estate development projects, in line with the government's ongoing real estate PF system reforms, which focus on raising the equity capital ratio and revitalizing project REITs. The association announced its plan to select delegated managers for domestic real estate development blind funds on May 27, 2025, and closed proposal submissions on June 16, 2025. A total of 21 asset management companies applied, resulting in a competition ratio of 10.5 to 1. After completing a quantitative evaluation of the stability of the management companies, management personnel, and performance, the association selected six companies for the shortlist, which is three times the number of final delegated managers (GPs).

The Military Mutual Aid Association stated, "By providing liquidity to high-quality projects currently facing delays due to PF conversion issues, we expect to contribute to the normalization of these projects and the expansion of housing supply, and ultimately to the advancement of the domestic PF industry."