Korea sovereign wealth fund gets nod for office in India

Korea Investment Corporation (KIC) has received approval from India’s central bank to open an office in Mumbai, its first in the South Asian nation as the US$169.3 billion sovereign wealth fund looks to tap investment opportunities in private equity, property and infrastructure.

The office will be headed by Kiho Kwon, director of the Seoul-based wealth fund’s investment strategy and innovation group, KIC says in a statement on January 29.

It will be KIC’s fifth overseas office after New York, London, Singapore, and San Francisco.

The office, which will have two Indian investment professionals, will conduct research on financial markets, and build and manage networks with investment managers in India.

“The Mumbai office will become an integral part of KIC’s sustainable growth by capturing new investment opportunities in the world’s fastest growing economy, primarily in the private equity, venture capital, real estate and infrastructure markets,” KIC Chief Executive Officer Seoungho Jin says in the statement.