Korea's KIC names Hoon Lee as CIO

Lee joined the sovereign wealth fund in 2014, having previously worked for the likes of Korea Investment & Securities, Woori Investment & Securities, and Samsung Securities. According to a statement, he has developed KIC’s asset allocation and investment strategies during a period in which total assets under management (AUM) have more than doubled.

Sean K. Lee has assumed Hoon Lee’s investment strategy and innovation brief, a role he will perform concurrently with his existing duties as head of the strategy and innovation division. Meanwhile, Hoseok Jung has been recruited from Bank of Korea as chief risk officer.

Last year, KIC appointed Seoungho Jin to a three-year term as CEO and chairman. This came shortly after Sungjun Song was named head of private equity, completing a reshuffle triggered by Jong-ho Kim’s elevation from the PE role to deputy CIO responsible for alternatives.

KIC had USD 205bn in AUM as of December 2021, having posted an investment return of 9.13% over the prior 12 months. Private equity was the top-performing asset class with an 11.33% annualised return, compared to 7.76% for real estate and infrastructure, 5.64% for hedge funds, and 6.75% for traditional assets such as public equities and fixed income.

Public equities and fixed income equities still account for the bulk of the overall portfolio, with 40.6% and 34.9%, respectively. However, the alternatives share rose from 15.3% to 17.5%, of which 7.7% was in private equity. Jin said that KIC would “continue to expand alternative assets to support sustainable long-term performance.”

KIC established an alternatives division in 2009 and initially focused on fund investments. Its first direct private equity investment came in 2010 and co-investments alongside portfolio GPs began in 2011.

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