SEOUL, KOREA - Korea Investment Corp., the nation's sovereign wealth fund, will join hands with Qatar's counterpart to make investment together. The Korean sovereign wealth fund based on foreign currency reserves said on November 5 that is signed a memorandum with the Qatar Investment Authority to form a joint investment fund.
The two sovereign wealth funds will chip in US$1 billion each to create a $2-billion fund while establishing a joint management committee to oversee it. Committee meetings will be held once a year either in Seoul or Doha.
The two funds will discuss potential opportunities in Southeast Asia and elsewhere for investment. In addition, they will share information and know-how in wide-ranging areas including risk management and investment research. Within the end of this month, some of the Qatar Investment Authority staff members will visit the office of Korea Investment Corp. to learn investment techniques by asset class.
A Korea Investment Corp. official said, "By the end of the first half next year, we will complete the organization of the joint management committee while finishing up with fund formation by the year's end. Regardless of size and location, we have agreed to investment 50:50 in all cases including infrastructure projects and real estate properties across the world."
Article provided by The Korea Economic Daily
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