Hanwha Asset to raise $1 bn from insurance arms to launch global funds
Jun 15, 2017 (Gmt+09:00)
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South Korea’s Hanwha Asset Management Co. Ltd. will launch three global funds for infrastructure, real estate and private equity investments, with $1 billion commitments from two insurance units of its parent group.
Hanwha Life Insurance Co. Ltd. and Hanwha General Insurance Co. Ltd. will commit the pledged capital to the blind-pool funds in installments starting from this month through June 2019, they said in recent regulatory filings.
Hanwha Life will deploy $940 million to the three funds on capital calls, with Hanwha General to allocate $60 million to them. Both insurers will be only investors in the funds.
They said the commitment decisions, which won approval from their board of directors this week, are aimed at making strategic asset allocations and achieving higher investment returns for a long term.
The following are details of the three funds and planned allocations:
Yong Seok Pae, an ex-private equity team head under the National Pension Service’s global alternative investment division, will spearhead the management of the three blind-pool funds.
Since moving to Hanwha Asset last year, Pae has been heading its alternative investment division as a managing director.
Hanwha Asset is wholly owned by Hanwha Life.
The fund launches for the Hanwha Group’s financial companies come after Samsung Group’s real estate investment firm launched a series of overseas investment firms with commitments from affiliated financial services companies.
By Ikhwan Kim
lovepen@hankyung.com
Yeonhee Kim edited this article
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