Skip to content
  • KOSPI 2560.35 +3.74 +0.15%
  • KOSDAQ 722.95 +5.71 +0.80%
  • KOSPI200 338.84 +0.10 +0.03%
  • USD/KRW 1426 12.00 -0.84%
View Market Snapshot
Asset Owners Report
Who’s Who in Korean Investors
company logo

Military Mutual Aid Association

Military Mutual Aid Association is a retirement savings fund for South Korea’s military personnel. It manages 10.4 trillion won in assets as of the end-2023. The fund aims to raise exposure to alternative assets to 77% by 2026. Overseas private equity and private debt account for 5% and 11.3% of the alternative assets, respectively. Offshore infrastructure makes up more than 10%.

  • Overview
  • Private Equity
  • Private Debt
  • Real Estate
  • Infrastructure
  • Absolute Return Strategies
Current Proportion of alternative assets
76%

Alternative asset

￦8 tn

Total AUM

￦10.4 tn

Whether to increase proportion of alternative assets

Increase

Hold

Decrease

Target proportion of alternative assets in 3 years
77%

Alternative asset

￦9.7 tn

Total AUM

￦12.5 tn

Current proportion of overseas assets among alternative assets
46%

Overseas asset (amount)

￦3.7 tn

Alternative asset

￦8 tn

Target proportion of overseas alternative assets in 3 years
46%

Overseas asset (amount)

N/A

Alternative asset

N/A

Target return from alternative investment

Total

6.8%

Overseas

No different targets for local/overseas

Domestic

Benchmark for alternative investment? (if any)
Reflecting characteristics of alts (equity+bond+illiquidity premium
Perspective on current valuations of alternative assets
　 Highly
overvalued		 Overvalued Fairly valued Undervalued Highly
undervalued
Private Equity O O O O O
Private Debt O O O O O
Real Estate O O O O O
Infrastructure O O O O O
To which asset classes your institution needs to increase exposure the most

(Multiple choices, up to two)

Private Equity
O
Private Debt
O
Real Estate
O
Infrastructure
O
Hedge Fund
O
Multi Asset
O
Others
O

Manager Selection

How important is each item below when selecting asset managers?

Asset under management

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

If important, minimum AUM?￦Number

Size of the fund being raised

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

If important, minimum size?￦Number

Track record (Years of experience ·Execution capability ·Past performance)

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

If important, minimum size?￦Number

Risk management (Performance during 2001 bubble bust and 2008 GFC)

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Co-investment opportunity

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

GP commitment

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Transparency - Underlying asset and portfolio

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Knowledge transfer (Portfolio∙Investment∙advisory∙Training opportunity)

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Fee level

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Presence of Seoul office

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Other Korean LPs in the fund

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Speed of capital deployment

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Deal pipeline

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Clawback clause

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O
Perspective on in-house Korean IR at an asset management firm

Presence of Korean IR

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Service of Korean IR

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Value you expect from in-house Korean IR (Multiple choices)

Product
understanding
O
Influence within
the organization
O
Communication
skill
O
Think in the
shoes of LPs
O
Integrity/
trust
O
Perspective on local FoF asset manager

Presence of local FoF manager

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Quality of local FoF manager

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Value you expect from local FoF (Multiple choices)

Product
understanding
O
Think in the
shoes of LPs
O
Communication
skill
O
Experience
in the strategy
O
Reasonable fee
structure
O
Perspective on placement agents

Quality of placement agent

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Value you expect from a placement agent (Multiple choices)

Product
pipeline
O
Product
understanding
O
Communication
skill
O
Negotiation
skill
O
Others
(etc)
O
More questions

Currency hedge needed when investing in a fund?

Yes

No

It depends

Able to invest in first-time fund?

Yes

No

It depends

Able to invest in emerging market fund?

Yes

No

It depends

How many months needed to decide on commitment?

Less than 1 M

1M ~ 2M

2M ~ 3M

More than 3M

Current Proportion of alternative assets
75.5%

Alternative asset

￦7.4 tn

Total AUM

￦9.8 tn

Whether to increase proportion of alternative assets

Increase

Hold

Decrease

Target proportion of alternative assets in 3 years
76%

Alternative asset

N/A

Total AUM

N/A

Current proportion of overseas assets among alternative assets
46%

Overseas asset (amount)

￦3.2 tn

Alternative asset

￦7.4 tn

Target proportion of overseas alternative assets in 3 years
00%

Overseas asset (amount)

N/A

Alternative asset

N/A

Target return from alternative investment

Total

5.6%

Overseas

N/A

Domestic

N/A

Benchmark for alternative investment? (if any)
N/A
Perspective on current valuations of alternative assets
　 Highly
overvalued		 Overvalued Fairly valued Undervalued Highly
undervalued
Private Equity O O O O O
Private Debt O O O O O
Real Estate O O O O O
Infrastructure O O O O O
To which asset classes your institution needs to increase exposure the most

(Multiple choices, up to two)

Private Equity
O
Private Debt
O
Real Estate
O
Infrastructure
O
Hedge Fund
O
Multi Asset
O
Others
O

Manager Selection

How important is each item below when selecting asset managers?

Asset under management

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

If important, minimum AUM?￦Number

Size of the fund being raised

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

If important, minimum size?￦Number

Track record (Years of experience ·Execution capability ·Past performance)

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

If important, minimum size?￦Number

Risk management (Performance during 2001 bubble bust and 2008 GFC)

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Co-investment opportunity

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

GP commitment

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Transparency - Underlying asset and portfolio

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Knowledge transfer (Portfolio∙Investment∙advisory∙Training opportunity)

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Fee level

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Presence of Seoul office

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Other LPs in the fund

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Speed of capital deployment

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Deal pipeline

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Clawback clause

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O
Perspective on in-house Korean IR at an asset management firm

Presence of Korean IR

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Service of Korean IR

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Value you expect from in-house IR (Multiple choices)

Product
understanding
O
Influence within
the organization
O
Communication
skill
O
Think in the
shoes of LPs
O
Integrity/
trust
O
Perspective on local FoF asset manager

Presence of local FoF manager

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Quality of local FoF manager

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Value you expect from local FoF (Multiple choices)

Product
understanding
O
Think in the
shoes of LPs
O
Communication
skill
O
Experience
in the strategy
O
Reasonable fee
structure
O
Perspective on placement agents

Quality of placement agent

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Value you expect from a placement agent (Multiple choices)

Product
pipeline
O
Product
understanding
O
Communication
skill
O
Negotiation
skill
O
Others
(etc)
O
More questions

Currency hedge needed when investing in a fund?

Yes

No

It depends

Able to invest in first-time fund?

Yes

No

It depends

Able to invest in emerging market fund?

Yes

No

It depends

How many months needed to decide on commitment?

Less than 1 M

1M ~ 2M

2M ~ 3M

More than 3M

Current proportion of alternative assets
74.0%

Alternative asset

￦6.9 tn

Total AUM

￦9.4 tn

Whether to increase proportion of alternative assets

Increase

Hold

Decrease

Target proportion of alternative assets in 3 years
N/A

Alternative asset

N/A

Total AUM

N/A

Current proportion of overseas assets among alternative assets
37.3%

Overseas asset (amount)

￦2.6 tn

Alternative asset

￦6.9 tn

Target proportion of overseas alternative assets in 3 years
37.0%

Overseas asset (amount)

N/A

Alternative asset

N/A

Target return from alternative investment

Total

7%

Overseas

7.5%

Domestic

6.5%

Benchmark for alternative investment? (if any)
N/A
Perspective on current valuations of alternative assets
　 Highly
overvalued		 Overvalued Fairly valued Undervalued Highly
undervalued
Private Equity O O O O O
Private Debt O O O O O
Real Estate O O O O O
Infrastructure O O O O O
To which asset classes your institution needs to increase exposure the most

(Multiple choices, up to two)

Private Equity
O
Private Debt
O
Real Estate
O
Infrastructure
O
Hedge Fund
O
Multi Asset
O
Others
O

Manager Selection

How important is each item below when selecting asset managers?

Asset under management

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

If important, minimum AUM?￦Number

Size of the fund being raised

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

If important, minimum size?￦Number

Track record (Years of experience ·Execution capability ·Past performance)

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

If important, minimum size?￦Number

Risk management (Performance during 2001 bubble bust and 2008 GFC)

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Co-investment opportunity

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

GP commitment

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Transparency - Underlying asset and portfolio

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Knowledge transfer (Portfolio∙Investment∙advisory∙Training opportunity)

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Fee level

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Presence of Seoul office

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Other LPs in the fund

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Speed of capital deployment

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Deal pipeline

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Clawback clause

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O
Perspective on in-house Korean IR at an asset management firm

Presence of Korean IR

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Service of Korean IR

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Value you expect from in-house IR (Multiple choices)

Product
understanding
O
Influence within
the organization
O
Communication
skill
O
Think in the
shoes of LPs
O
Integrity/
trust
O
Perspective on local FoF asset manager

Presence of local FoF manager

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Quality of local FoF manager

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Value you expect from local FoF (Multiple choices)

Product
understanding
O
Think in the
shoes of LPs
O
Communication
skill
O
Experience
in the strategy
O
Reasonable fee
structure
O
Perspective on placement agents

Quality of placement agent

Very important
O
Important
O
Less important
O
Not important
O
Not at all
O

Value you expect from a placement agent (Multiple choices)

Product
pipeline
O
Product
understanding
O
Communication
skill
O
Negotiation
skill
O
Others
(etc)
O
More questions

Currency hedge needed when investing in a fund?

Yes

No

It depends

Able to invest in first-time fund?

Yes

No

It depends

Able to invest in emerging market fund?

Yes

No

It depends

How many months needed to decide on commitment?

Less than 1 M

1M ~ 2M

2M ~ 3M

More than 3M

photo

Proportion of overseas private equity among alternative assets
5%

Overseas PE (amount)

￦400 bn

Alternative asset

￦8 tn

Whether to increase overseas PE exposure

Increase

Hold

Decrease

Target proportion of overseas PE in coming 12 months
N/A

Overseas PE (amount)

N/A

Alternative asset

N/A

Mid-term target proportion of overseas PE
N/A
Target return from PE investment
12%
Benchmark for PE investment
N/A
Exposure by PE strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Buyout
(management participation)		 O O O
Buyout
(minority stake)		 O O O
Growth capital O O O
Distressed·Special situation·Opportunistic O O O
(FoF) Primary O O O
Secondary O O O
Co-investment O O O
Venture capital O O O
Exposure to PE by region below
　 overinvested as targeted underinvested
North America O O O
Europe O O O
Asia O O O
Others O O O
Exposure to PE by sector below
　 overinvested as targeted underinvested
Industrial O O O
Consumer·Retail O O O
Tech O O O
Healthcare O O O
Financial service O O O
Business service O O O
Others O O O
Preferred way for PE investment

(Multiple choices)

Blind fund
O
Separate account
O
Joint venture
O
Direct investment
O
Co-investment
O
Listed PE
O
PIPE
O
Questions on manager selection

Number of PE funds you currently commit to

22

Number of PE managers you currently entrust to

17

Three PE managers you invest through the most

KKR

Goldman Sachs

Hamilton Lane

Three PE managers you most recently entrusted to

KKR

Ardian

Hamilton Lane

PE investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙side car∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

Proportion of overseas private equity among alternative assets
4.7%

Overseas PE (amount)

￦350 bn

Alternative asset

￦7.4 tn

Whether to increase overseas PE exposure

Increase

Hold

Decrease

Target proportion of overseas PE in coming 12 months
8.1%

Overseas PE (amount)

￦350 bn

Alternative asset

￦4.3 tn

Mid-term target proportion of overseas PE
N/A
Target return from PE investment
9%
Benchmark for PE investment
N/A
Exposure by PE strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Buyout
(management participation)		 O O O
Buyout
(minority stake)		 O O O
Growth capital O O O
Distressed·Special situation·Opportunistic O O O
(FoF) Primary O O O
Secondary O O O
Co-investment O O O
Venture capital O O O
Exposure to PE by region below
　 overinvested as targeted underinvested
North America O O O
Europe O O O
Asia O O O
Others O O O
Exposure to PE by sector below
　 overinvested as targeted underinvested
Industrial O O O
Consumer·Retail O O O
Tech O O O
Healthcare O O O
Financial service O O O
Business service O O O
Others O O O
Preferred way for PE investment

(Multiple choices)

Blind fund
O
Separate account
O
Joint venture
O
Direct investment
O
Co-investment
O
Listed PE
O
PIPE
O
Questions on manager selection

Number of PE funds you currently commit to

9

Number of PE managers you currently entrust to

8

Three PE managers you invest through the most

Goldman Sachs

Hamilton Lane

KKR

Three PE managers you most recently entrusted to

Goldman Sachs

Hamilton Lane

KKR

PE investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙side car∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

Proportion of overseas private equity among alternative assets
4.9%

Overseas PE (amount)

￦338 bn

Alternative asset

￦6.9 tn

Whether to increase overseas PE exposure

Increase

Hold

Decrease

Target proportion of overseas PE in coming 12 months
N/A

Overseas PE (amount)

N/A

Alternative asset

N/A

Mid-term target proportion of overseas PE
N/A
Target return from PE investment
5%
Benchmark for PE investment
8%
Exposure by PE strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Buyout
(management participation)		 O O O
Buyout
(minority stake)		 O O O
Growth capital O O O
Distressed·Special situation·Opportunistic O O O
(FoF) Primary O O O
Secondary O O O
Co-investment O O O
Venture capital O O O
Exposure to PE by region below
　 overinvested as targeted underinvested
North America O O O
Europe O O O
Asia O O O
Others O O O
Exposure to PE by sector below
　 overinvested as targeted underinvested
Industrial O O O
Consumer·Retail O O O
Tech O O O
Healthcare O O O
Financial service O O O
Business service O O O
Others O O O
Preferred way for PE investment

(Multiple choices)

Blind fund
O
Separate account
O
Joint venture
O
Direct investment
O
Co-investment
O
Listed PE
O
PIPE
O
Questions on manager selection

Number of PE funds you currently commit to

XX%

Number of PE managers you currently entrust to

XX%

Three PE managers you invest through the most

Goldman Sachs

Hamilton Lane

HarbourVest

Three PE managers you most recently entrusted to

Goldman Sachs

Hamilton Lane

Oaktree

PE investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙side car∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

photo

Proportion of overseas private debt among alternative assets
11.3%

Overseas PD (amount)

￦900 bn

Alternative asset

￦8 tn

Whether to increase overseas PD exposure

Increase

Hold

Decrease

Target proportion of overseas PD in coming 12 months
N/A

Overseas PD (amount)

N/A

Alternative asset

N/A

Mid-term target proportion of overseas PD
N/A
Target return from PD investment
9%
Benchmark for PD investment
N/A
What value you expect PD exposure to deliver

Diversification

Stable cashflow

Fixed income substitute

Preferred way for PD investment

(Multiple choices)

Blind Fund

Separate Account

Joint Venture

Direct Investment

Exposure to PD by strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Direct lending O O O
Distressed debt O O O
Mezzanine debt O O O
Infra debt O O O
Real estate debt O O O
Special situation∙Opportunistic O O O
Senior secured O O O
Unitranche O O O
Exposure to PD by region below
　 overinvested as targeted underinvested
North America O O O
Europe O O O
Asia O O O
Others O O O
Questions on manager selection

Number of PD funds you currently commit to

35

Number of PD managers you currently entrust to

30

Three PD managers you invest through the most

Crescent Capital Group

Capza

H.I.G. Capital

Three PD managers you most recently entrust to

Capza

GoldenTree Asset Management

Sound Point Capital Management

PD investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙side car∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

Proportion of overseas private debt among alternative assets
8.4%

Overseas PD (amount)

￦620 bn

Alternative asset

￦7.4 tn

Whether to increase overseas PD exposure

Increase

Hold

Decrease

Target proportion of overseas PD in coming 12 months
14.4%

Overseas PD (amount)

￦620 bn

Alternative asset

￦4.3 tn

Mid-term target proportion of overseas PD
14%
Target return from PD investment
6%
Benchmark for PD investment
N/A
What value you expect PD exposure to deliver

Diversification

Stable cashflow

Fixed income substitute

Preferred way for PD investment

(Multiple choices)

Blind Fund

Separate Account

Joint Venture

Direct Investment

Exposure to PD by strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Direct lending O O O
Distressed debt O O O
Mezzanine debt O O O
Infra debt O O O
Real estate debt O O O
Special situation∙Opportunistic O O O
Senior secured O O O
Unitranche O O O
Exposure to PD by region below
　 overinvested as targeted underinvested
North America O O O
Europe O O O
Asia O O O
Others O O O
Questions on manager selection

Number of PD funds you currently commit to

24

Number of PD managers you currently entrust to

23

Three PD managers you invest through the most

Bain Capital Credit

Capza

H.I.G. Capital

Three PD managers you most recently entrust to

Antares

Bain Capital Credit

CSAM

PD investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙side car∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

Proportion of overseas private debt among alternative assets
9.0%

Overseas PD (amount)

￦623 bn

Alternative asset

￦6.9 tn

Whether to increase overseas PD exposure

Increase

Hold

Decrease

Target proportion of overseas PD in coming 12 months
N/A

Overseas PD (amount)

￦675 bn

Alternative asset

N/A

Mid-term target proportion of overseas PD
N/A
Target return from PD investment
9%
Benchmark for PD investment
6%
What value you expect PD exposure to deliver

Diversification

Stable cashflow

Fixed income substitute

Preferred way for PD investment

(Multiple choices)

Blind Fund

Separate Account

Joint Venture

Direct Investment

Exposure to PD by strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Direct lending O O O
Distressed debt O O O
Mezzanine debt O O O
Infra debt O O O
Real estate debt O O O
Special situation∙Opportunistic O O O
Senior secured O O O
Unitranche O O O
Exposure to PD by region below
　 overinvested as targeted underinvested
North America O O O
Europe O O O
Asia O O O
Others O O O
Questions on manager selection

Number of PD funds you currently commit to

27

Number of PD managers you currently entrust to

25

Three PD managers you invest through the most

Crescent

Goldman Sachs

HIG Capital

Three PD managers you most recently entrust to

Ares

Angelo Gordon

Crescent

PD investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙side car∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

photo

Proportion of overseas real estate among alternative assets
N/A

Overseas RE (amount)

N/A

Alternative asset

￦8 tn

Whether to increase overseas RE exposure

Increase

No change

Decrease

Target proportion of overseas RE in coming 12 months
N/A

Overseas RE (amount)

N/A

Alternative asset

N/A

Mid-term target proportion of overseas RE
N/A
Target return from RE investment
N/A
Benchmark for RE investment
N/A
Exposure to RE by strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Core O O O
Core+ O O O
Value-add O O O
Opportunistic∙
Distressed		 O O O
Development O O O
Secondary O O O
Exposure to RE by property type
　 overinvested as targeted underinvested
Office O O O
Hotel O O O
Retail O O O
Industrial & logistics O O O
Multifamily O O O
Senior housing O O O
Mixed use O O O
Exposure to RE by tranche below
　 overinvested as targeted underinvested
Senior secured loan O O O
Mezzanine O O O
Subordinate O O O
Equity O O O
Exposure to RE by region below
　 overinvested as targeted underinvested
Global O O O
North America O O O
Europe O O O
Asia O O O
OECD O O O
Others O O O
Preferred way for RE investment

(multiple choices)

Direct investment

Joint venture

Separate account

Closed-end fund

Open-end fund

Questions on manager selection

Number of RE funds you currently commit to

N/A

Number of RE managers you currently entrust to

N/A

Three RE managers you invest through the most

N/A

Three RE managers you most recently entrust to

N/A

RE investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙sidecar∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

Proportion of overseas real estate among alternative assets
N/A

Overseas RE (amount)

N/A

Alternative asset

￦7.4 tn

Whether to increase overseas RE exposure

Increase

No change

Decrease

Target proportion of overseas RE in coming 12 months
N/A

Overseas RE (amount)

N/A

Alternative asset

￦4.3 tn

Mid-term target proportion of overseas RE
N/A
Target return from RE investment
N/A
Benchmark for RE investment
N/A
Exposure to RE by strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Core O O O
Core+ O O O
Value-add O O O
Opportunistic∙
Distressed		 O O O
Development O O O
Secondary O O O
Exposure to RE by property type
　 overinvested as targeted underinvested
Office O O O
Hotel O O O
Residential O O O
Retail O O O
Industrial O O O
Logistics O O O
Multifamily O O O
Mixed use O O O
Others
(i.e senior housing, data center)		 O O O
Exposure to RE by tranche below
　 overinvested as targeted underinvested
Senior secured loan O O O
Mezzanine O O O
Subordinate O O O
Equity O O O
Exposure to RE by region below
　 overinvested as targeted underinvested
Global O O O
North America O O O
Europe O O O
Asia O O O
OECD O O O
All O O O
Preferred way for RE investment

(multiple choices)

Direct investment

Joint venture

Separate account

Closed-end fund

Open-end fund

Questions on manager selection

Number of RE funds you currently commit to

-

Number of RE managers you currently entrust to

Three RE managers you invest through the most

-

Three RE managers you most recently entrust to

Related Fund Management

Canyon Partners

Angelo Gordon

RE investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙sidecar∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

Proportion of overseas real estate among alternative assets
10.0%

Overseas RE (amount)

￦692 bn

Alternative asset

￦6.9 tn

Whether to increase overseas RE exposure

Increase

No change

Decrease

Target proportion of overseas RE in coming 12 months
10%

Overseas RE (amount)

N/A

Alternative asset

N/A

Mid-term target proportion of overseas RE
10%
Target return from RE investment
6%
Benchmark for RE investment
N/A
Exposure to RE by strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Core O O O
Core+ O O O
Value-add O O O
Opportunistic∙
Distressed		 O O O
Development O O O
Secondary O O O
Exposure to RE by property type
　 overinvested as targeted underinvested
Office O O O
Hotel O O O
Residential O O O
Retail O O O
Industrial O O O
Logistics O O O
Multifamily O O O
Mixed use O O O
Others
(i.e senior housing, data center)		 O O O
Exposure to RE by tranche below
　 overinvested as targeted underinvested
Senior secured loan O O O
Mezzanine O O O
Subordinate O O O
Equity O O O
Exposure to RE by region below
　 overinvested as targeted underinvested
Global O O O
North America O O O
Europe O O O
Asia O O O
OECD O O O
All O O O
Preferred way for RE investment

(multiple choices)

Direct investment

Joint venture

Separate account

Closed-end fund

Open-end fund

Questions on manager selection

Number of RE funds you currently commit to

13

Number of RE managers you currently entrust to

11

Three RE managers you invest through the most

PCCP

Blackstone

Colony Capital

Three RE managers you most recently entrust to

Related Fund Management

Canyon Partners

Angelo Gordon

RE investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙sidecar∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

photo

Proportion of overseas infrastructure among alternative assets
N/A

Overseas Infra (amount)

N/A

Alternative asset

￦8 tn

Whether to increase overseas infra exposure

Increase

No change

Decrease

Target proportion of overseas infra in coming 12 months
N/A

Overseas Infra (amount)

N/A

Alternative asset

N/A

Mid-term target proportion of overseas infra
N/A
Target return from infrastructure investment
N/A
Benchmark for infrastructure investment
N/A
Exposure to infrastructure by strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Core O O O
Core+ O O O
Value-add O O O
Opportunistic O O O
Exposure to infrastructure by sector below
　 overinvested as targeted underinvested
Renewable Energy
(Water∙Solar∙Wind)		 O O O
Traditional Energy
(Upstream∙Midstream∙Downstream)		 O O O
Real Asset
(Aircraft∙Ship∙Train)		 O O O
Transportation
(Port∙Airport∙Railroad∙Toll Road)		 O O O
Digital Infra
(Data Center∙Tower∙Smart Meter) 		O O O
Social Infra/PPP O O O
Others O O O
Exposure to infrastructure by tranche below
　 overinvested as targeted underinvested
Primary O O O
Debt/Mezzanine O O O
Fund of funds O O O
Secondaries O O O
Project fund O O O
Exposure to infrastructure by region below
　 overinvested as targeted underinvested
Global O O O
North America O O O
Europe O O O
Asia O O O
OECD O O O
Others O O O
Exposure to infrastructure by strategy below
　 overinvested as targeted underinvested
Greenfield O O O
Brownfield O O O
Secondary stage O O O
Questions on manager selection

Number of infrastructure funds you currently commit to

N/A

Number of infrastructure managers you currently entrust to

16

Three infrastructure managers you invest through the most

Macquarie Group

EQT

Dalmore Capital

Three infrastructure managers you most recently entrust to

EQT

BlackRock

KKR

Infrastructure investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙sidecar∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

Proportion of overseas infrastructure among alternative assets
11.1%

Overseas Infra (amount)

￦820 bn

Alternative asset

￦7.4 tn

Whether to increase overseas infra exposure

Increase

No change

Decrease

Target proportion of overseas infra in coming 12 months
19.1%

Overseas Infra (amount)

￦820 bn

Alternative asset

￦4.3 tn

Target return from infrastructure investment
N/A
Benchmark for infrastructure investment
N/A
Exposure to infrastructure by strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Core O O O
Core+ O O O
Value-add O O O
Opportunistic O O O
Exposure to infrastructure by sector below
　 overinvested as targeted underinvested
Renewable energy
(water∙wind∙solar)		 O O O
Traditional energy
(Upstream∙Midstream∙Downstream)		 O O O
Real asset
(Aviation∙Ship∙Train) 		O O O
Transportation
(Port∙Airport∙Railroad∙Toll road)		 O O O
Utilities
(power grid∙water & sewage∙telecom)		 O O O
Power plant O O O
PPP O O O
Others O O O
Exposure to infrastructure by tranche below
　 overinvested as targeted underinvested
Primary O O O
Debt/Mezzanine O O O
Fund of funds O O O
Secondaries O O O
Project fund O O O
Exposure to infrastructure by region below
　 overinvested as targeted underinvested
Global O O O
North America O O O
Europe O O O
Asia O O O
OECD O O O
All O O O
Exposure to infrastructure by strategy below
　 overinvested as targeted underinvested
Greenfield O O O
Brownfield O O O
Secondary stage O O O
Questions on manager selection

Number of infrastructure funds you currently commit to

N/A

Number of infrastructure managers you currently entrust to

16

Three infrastructure managers you invest through the most

Macquarie

EQT

Dalmore

Three infrastructure managers you most recently entrust to

BlackRock

EQT

KKR

Infrastructure investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙sidecar∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

Proportion of overseas infrastructure among alternative assets
10.0%

Overseas Infra (amount)

￦692 bn

Alternative asset

￦6.9 tn

Whether to increase overseas infra exposure

Increase

No change

Decrease

Target proportion of overseas infra in coming 12 months
10%

Overseas Infra (amount)

N/A

Alternative asset

N/A

Target return from infrastructure investment
7%
Benchmark for infrastructure investment
N/A
Exposure to infrastructure by strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Core O O O
Core+ O O O
Value-add O O O
Opportunistic O O O
Exposure to infrastructure by sector below
　 overinvested as targeted underinvested
Renewable energy
(water∙wind∙solar)		 O O O
Traditional energy
(Upstream∙Midstream∙Downstream)		 O O O
Real asset
(Aviation∙Ship∙Train) 		O O O
Transportation
(Port∙Airport∙Railroad∙Toll road)		 O O O
Utilities
(power grid∙water & sewage∙telecom)		 O O O
Power plant O O O
PPP O O O
Others O O O
Exposure to infrastructure by tranche below
　 overinvested as targeted underinvested
Primary O O O
Debt/Mezzanine O O O
Fund of funds O O O
Secondaries O O O
Project fund O O O
Exposure to infrastructure by region below
　 overinvested as targeted underinvested
Global O O O
North America O O O
Europe O O O
Asia O O O
OECD O O O
All O O O
Exposure to infrastructure by strategy below
　 overinvested as targeted underinvested
Greenfield O O O
Brownfield O O O
Secondary stage O O O
Questions on manager selection

Number of infrastructure funds you currently commit to

23

Number of infrastructure managers you currently entrust to

18

Three infrastructure managers you invest through the most

Macquarie

EQT

Dalmore

Three infrastructure managers you most recently entrust to

BlackRock

EQT

KKR

Infrastructure investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙sidecar∙collaboration

(acquisition financing)

Very important

Important

Less important

Not important

Not at all

photo

Proportion of overseas ARS among alternative assets
N/A

Overseas ARS (amount)

N/A

Alternative assets

N/A

Whether to increase overseas ARS exposure

Increase

No change

Decrease

Target proportion of overseas ARS in coming 12 months
N/A

Overseas ARS (amount)

N/A

Alternative assets

N/A

Target return from ARS investment
N/A
Risk from ARS investment
N/A
Benchmark for ARS investment
N/A
Why do you invest in ARS?

Diversification
(Moderate Return)

Equity Substitute
(High Return)

Substitute for Fixed-income
(Stable Return)

All

Exposure by absolute return strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Equity L/S
Event-driven
Relative value
Macro
Multi-Asset
Most preferred Equity L/S strategy

Fundamental

-

Market Neutral

-

Sector/Region Specialist

-

Most preferred Event-driven strategy

Distressed

-

Special Situation

-

Merger Arbitrage

-

Most preferred Relative Value strategy

Fixed Income Arbitrage

-

CB Arbitrage

-

Structured Credit

-

Most preferred Macro strategy

CTA

-

Discretionary

-

Most preferred Multi-Asset strategy

Risk Parity

-

GTAA

-

Risk Premia

-

Preferred way for hedge fund allocation (multiple choices)

FoFs

-

Multi Strategy Single Fund

-

Single Fund

-

Questions on manager selection

ARS fund investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙sidecar∙collaboration (acquisition financing)

　 Very important Important Less important Not important Not at all
Liquidity
Reasonable Fee Level
Co-investment opportunity
Separately Managed Account
Knowledge Transfer
Proportion of overseas ARS among alternative assets
N/A

Overseas ARS (amount)

N/A

Alternative assets

￦7.4 tn

Whether to increase overseas ARS exposure

Increase

No change

Decrease

Target proportion of overseas ARS in coming 12 months
N/A

Overseas ARS (amount)

N/A

Overseas alternative assets

￦4.3 tn

Target return from ARS investment
N/A
Risk from ARS investment
N/A
Benchmark for ARS investment
N/A
Why do you invest in ARS?

Diversification
(Moderate Return)

Equity Substitute
(High Return)

Substitute for Fixed-income
(Stable Return)

All

Exposure by absolute return strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Equity L/S
Event-driven
Relative value
Macro
Multi-Asset
Most preferred Equity L/S strategy

Fundamental

-

Market Neutral

-

Sector/Region Specialist

-

Most preferred Event-driven strategy

Distressed

-

Special Situation

-

Merger Arbitrage

-

Most preferred Relative Value strategy

Fixed Income Arbitrage

-

CB Arbitrage

-

Structured Credit

-

Most preferred Macro strategy

CTA

-

Discretionary

-

Most preferred Multi-Asset strategy

Risk Parity

-

GTAA

-

Risk Premia

-

Preferred way for hedge fund allocation (multiple choices)

FoFs

-

Multi Strategy Single Fund

-

Single Fund

-

Questions on manager selection

ARS fund investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙sidecar∙collaboration (acquisition financing)

　 Very important Important Less important Not important Not at all
Liquidity
Reasonable Fee Level
Co-investment opportunity
Separately Managed Account
Knowledge Transfer
Proportion of overseas ARS among alternative assets
N/A

Overseas ARS (amount)

N/A

Alternative assets

N/A

Whether to increase overseas ARS exposure

Increase

No change

Decrease

Target proportion of overseas ARS in coming 12 months
N/A

Overseas ARS (amount)

N/A

Overseas alternative assets

N/A

Target return from ARS investment
N/A
Risk from ARS investment
N/A
Benchmark for ARS investment
Why do you invest in ARS?

Diversification
(Moderate Return)

Equity Substitute
(High Return)

Substitute for Fixed-income
(Stable Return)

All

Exposure by absolute return strategy below
　 overinvested
(need to decrease)		 as targeted
(no change needed)		 underinvested
(need to increase)
Equity L/S
Event-driven
Relative value
Macro
Multi-Asset
Most preferred Equity L/S strategy

Fundamental

Market Neutral

-

Sector/Region Specialist

-

Most preferred Event-driven strategy

Distressed

-

Special Situation

-

Merger Arbitrage

-

Most preferred Relative Value strategy

Fixed Income Arbitrage

-

CB Arbitrage

-

Structured Credit

-

Most preferred Macro strategy

CTA

-

Discretionary

-

Most preferred Multi-Asset strategy

Risk Parity

-

GTAA

-

Risk Premia

-

Preferred way for hedge fund allocation (multiple choices)

FoFs

-

Multi Strategy Single Fund

-

Single Fund

-

Questions on manager selection

ARS fund investment plan in coming 12 months

one fund

two funds

three funds

four funds or more

Importance of co-investment∙sidecar∙collaboration (acquisition financing)

　 Very important Important Less important Not important Not at all
Liquidity
Reasonable Fee Level
Co-investment opportunity
Separately Managed Account
Knowledge Transfer

photo

Related Articles