Korea Investment Corporation

UAO Editorial September 6, 2026 44 min read

UAO Registry · Top 100 · Sovereign wealth fund · Republic of Korea · Last researched Sunday 6 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

The Korea Investment Corporation (KIC; 한국투자공사) is the sovereign wealth fund of the Republic of Korea. Official About and CEO pages on kic.kr state that KIC was established in 2005 to enhance the long-term value of the nation’s foreign reserves and contribute to the advancement of Korea’s finance industry, managing assets entrusted by the government, the Bank of Korea, and public funds under the Korea Investment Corporation Act. It is a public SWF manager—not a retail asset manager, not Korea’s national pension scheme (National Pension Service (NPS)), and not a central-bank reserve desk itself.

Prefer official USD as KIC discloses on the 2025 Annual Report Key Figures and the live portfolio Overview. Latest primary scale print: total assets under management USD 232.0 billion as of December / year-end 2025 (about KRW 333 trillion at the report’s stated Seoul Money Brokerage Services rate of KRW 1,434.9 per USD on 31 December 2025). Cumulative net investment gains reached USD 122.4 billion, surpassing entrusted principal of USD 118.6 billion for the first time since inception. An INST working figure of US$232B end-2025 matches this official USD print—use it; do not invent a separate unofficial conversion.

Leadership verified on the live Executive Management page, the CEO’s Message signed by Il Young Park, and the 2025 Annual Report management roster dated as of April 2026: Chairman & CEO Il Young Park (also indexed as Park Il Young); Chief Investment Officer Hoon Lee (also indexed as Lee Hoon); Statutory Auditor Chongsoo Lee; Chief Risk Officer named Jaehyun Joo in the Annual Report; Chief Operating Officer Sangmin Lee. Do not treat Seoungho Jin as current CEO on the basis of Wikipedia or a stale person-SSR title when live kic.kr still lists Il Young Park as Chairman & CEO. Do not invent a CIO successor; live official title for Hoon Lee remains Chief Investment Officer.

Why researchers care: Korea’s dedicated SWF with a published multi-decade AUM path from USD 1 billion (2005) through USD 100 billion (2016) and USD 200 billion (2021) to USD 232 billion (2025); a Steering Committee model that pairs private-sector members with the finance minister, central-bank governor, and CEO; a 2025 total portfolio return of 13.91% (gross) with traditional/alternative mix near 78/22; and an explicit domestic-finance-platform mandate alongside global investing. Related UAO hubs: National Pension Service (NPS), GIC, China Investment Corporation, Abu Dhabi Investment Authority, Norges Bank Investment Management, GPIF, Kuwait Investment Authority, Public Investment Fund, Temasek Holdings.

Speakable summary

Korea Investment Corporation is Korea’s sovereign wealth fund, established in two thousand five under the Korea Investment Corporation Act. Prefer official U.S. dollars: assets under management were two hundred thirty-two billion dollars at year-end two thousand twenty-five. Cumulative net investment gains were one hundred twenty-two point four billion dollars, above entrusted principal. Il Young Park is Chairman and Chief Executive Officer on the live official executives page. Hoon Lee is Chief Investment Officer. The two thousand twenty-five total portfolio return was thirteen point nine one percent gross of fees.

Mandate & ownership

KIC’s About overview states that the corporation was established to contribute to the development of the financial industry by efficiently managing assets entrusted by the government, the Bank of Korea, and public funds, and that it was established under the Korea Investment Corporation Act with decisions grounded in clear legal standards. The CEO’s Message frames the mission as enhancing the long-term value of the nation’s foreign reserves and contributing to the advancement of Korea’s finance industry.

The 2025 Annual Report governance chapter cites Article 35 of the KIC Act for a governance structure that ensures investment independence and operational autonomy from relevant central government agencies and sponsors. The Steering Committee (Article 9) deliberates and decides key matters including amendments to the Articles of Incorporation, mid- to long-term investment policies, basic operational policies, changes in financial status, entrustment of assets, appointment and dismissal of executives, budgets and financial statements, management-performance evaluation, and business audits. The Board of Directors (Article 24) handles detailed operational decision-making across organizational management, asset management, risk, compliance, human resources, and accounting.

Under Article 18, the CEO is appointed by the President of the Republic of Korea, upon recommendation by the Minister of Finance and Economy, following nomination by the President (CEO) Recommendation Committee and deliberation by the Steering Committee. The CEO represents KIC, oversees its business, convenes Board meetings, and serves as Chairman of the Board.

What the mandate is not: KIC is not {NPS}; pension liabilities and contribution schedules sit with other Korean social-insurance institutions. KIC is not a deposit-taking bank and does not publish itself as a retail wealth brand. Researchers should keep sponsor-entrusted SWF AUM distinct from Korea’s broader official reserve statistics published by the Bank of Korea.

Scale & portfolio

As of the end of December 2025, the live portfolio Overview and the 2025 Annual Report Key Figures both print total AUM of USD 232.0 billion, with cumulative investment returns / net investment gains of about USD 122.4 billion. The Key Figures narrative notes growth from USD 1 billion at inception (2005) to more than USD 100 billion in 2017 (milestones page: December 2016 for the USD 100 billion crossing) and more than USD 200 billion in 2021, reaching USD 232 billion at year-end 2025.

Year-end AUM path printed in the Annual Report table (USD billion): 2021 205.0; 2022 169.3; 2023 189.4; 2024 206.5; 2025 232.0. Asset allocation at end-2025: traditional assets 78.1% (USD 181.2 billion NAV) and alternative assets 21.9% (USD 50.8 billion). Within the total portfolio composition print: equities 41.6%, fixed income 32.8%, alternatives 21.9%, other 3.7% (other includes inflation-linked bonds and cash in subtotal notes).

Traditional assets returned 15.10% in 2025 (+24 bp excess vs benchmark on the traditional chapter print) with a 10-year annualized return of 6.83%. Equities returned 22.24% in 2025 (10-year annualized 12.01%); fixed income 7.46% (10-year annualized 1.48%). Alternatives’ 10-year annualized return is printed at 8.48%, with private equity 12.87%, infrastructure 10.91%, hedge funds 5.47%, and real estate 3.94% on the alternatives chapter table (private debt inception 2 January 2024; 10-year N/A).

Global footprint language in the Annual Report cites about 5 overseas offices, investments across about 70 countries and 39 currencies, with regional allocation prints approximating North America 62.29%, Europe/EMEA 21.86%, Asia 13.13%, and other 2.72%. Organization scale at December 2025: 353 employees; 3 units; 3 divisions; 28 groups; 5 overseas offices.

Governance & leadership

Executive management on the live EN executives page and the Annual Report (as of April 2026) is composed of the CEO, the Statutory Auditor, and three Executive Vice Presidents responsible for investment management, risk management, and corporate management. Chairman & CEO: Il Young Park — education and career prints on the official profile include B.A. Economics (Seoul National University), M.A. Sanford School of Public Policy (Duke University), Executive Director at the World Bank, and senior Ministry of Economy/Finance roles including Deputy Minister for International Affairs. The CEO’s Message on kic.kr is signed Il Young Park, Chairman & CEO.

Chief Investment Officer: Hoon Lee — official profile lists prior KIC roles including Senior Managing Director, Investment Strategy & Innovation Division, and earlier research/asset-management experience. Statutory Auditor: Chongsoo Lee. Chief Operating Officer: Sangmin Lee. Chief Risk Officer: the Annual Report management section names Jaehyun Joo (KR page: 주재현, investment-management / risk EVP). The EN executives page currently shows a heading for Jaehyun Joo adjacent to older Hoseok Jung biography text—researchers should prefer the dated Annual Report roster and the KR executives page rather than inventing a transition story from the EN paste inconsistency.

Steering Committee composition (Annual Report, as of May 2026): six private-sector members appointed by the President for two-year terms, with the Chairperson elected from among private-sector members, plus three ex-officio members—the Minister of Finance and Economy, the Governor of the Bank of Korea, and the CEO of KIC. Private-sector members named in the report table include Sungil Cho (Chairman), Youngwoo Park, Jeongjae Park, Seunghoon Lee, Samyoung Chung, and JaeJun/Jaejoon Han, with standing Investment and Risk Management & Audit subcommittees and ad hoc Evaluation Remuneration and Budget subcommittees.

Leadership honesty note: secondary encyclopedias and some UAO person-SSR titles may still show Seoungho Jin as CEO. Opened primary pages on 6 September 2026 still present Il Young Park as live Chairman & CEO. This profile follows the live official executives page and the April 2026 Annual Report roster. A September 2024 Businesskorea item reporting Park’s appointment is secondary corroboration only.

Investment philosophy

KIC’s How We Invest page states three headline philosophy lines: invest for the long term; invest based on intrinsic value; invest based on thorough risk assessments. The investment objective cites the Prudent Investor Rule and diversified strategy across asset classes and regions. Ten published investment beliefs include: long-term investments generate better returns than short-term; asset allocation is key to absolute return; diversification improves the risk-return ratio; all targets require complete risk assessment; markets are inefficient and research-based value investing can generate excess returns; external managers with solid philosophy can stabilize returns; system-based operations improve long-term performance; transparent governance and teamwork matter; cost-effective management increases net added value.

The Annual Report Investment Policy chapter restates the primary objective as enhancing national wealth and preserving asset value by generating sustainable and stable investment returns within an appropriate level of risk. Asset classes are grouped as traditional (liquid public equities and fixed income), alternative (private equity, real estate, infrastructure, hedge funds, private debt), and strategic investments (co-investment alongside Korean companies’ overseas expansion / cross-border M&A, with a Strategic Investment Team established in 2024).

Process steps on the Investment Process page: set long-term goals; macroeconomic and capital-market analysis; strategic asset allocation; investment management plans; execute strategies within risk limits (including quarterly asset-allocation forums); monitor and analyze performance. Committees named: Investment Committee (chaired by the CEO; includes CIO, CRO, COO and division heads); Investment Working Committee (chaired by the CIO); Risk Management Committee (chaired by the CRO).

Climate / ESG / ethics

Official Sustainable Investment materials describe ESG integration across traditional and alternative assets, direct and indirect, including ESG equity strategy funds, green and social projects in alternatives, green/social/sustainability bonds, and ESG-themed quant sub-strategies. Manager and project ESG reviews use questionnaires and on-site inspections. Climate work includes portfolio carbon assessment, climate scenario analysis, and TCFD-aligned disclosure in the Sustainable Investment Report since 2022.

The Annual Report sustainable chapter notes Stewardship Principles established in 2018; a March 2021 amendment to the Korea Investment Corporation Act providing a legal basis for responsible investment; PRI membership in December 2022 (milestones); and start of direct voting-rights exercise in line with Stewardship Principles in May 2023. KIC also describes a watchlist / exclusionary approach for low ESG scores and problematic themes, and ESG strategy funds launched from 2019 (ESG Core / ESG Global diversification). Green and sustainable fixed-income issuance funds received from the Korean government in 2019 and 2021 are invested in green and social projects with impact disclosure.

Ethics and social-contribution chapters in the Annual Report emphasize public-institution integrity, talent development, and social programs (future generations, vulnerable communities, global initiatives, domestic volunteering). This profile does not invent controversy narratives beyond attributable official policy actions; secondary press should be labelled if used.

Performance & reporting

2025 total portfolio return: 13.91% gross of fees; 13.77% net of fees. Five-year annualized 5.21%; ten-year annualized 7.07%. Prior annual gross returns in the same table: 2021 9.13%; 2022 −14.36%; 2023 11.59%; 2024 8.49%; 2025 13.91%.

Transparency stack on opened primaries: interactive 2025 / 2024 / 2023 Annual Report microsites; live portfolio management-status tables; Sustainable Investment Report (referenced since 2020 first publication / 2022 TCFD); press releases and reports hubs; Stewardship Principles PDF download links; Investment Policy Statement / risk guidelines historically referenced from 2006 milestones. UAO cites dated official pages rather than undated marketing claims.

Controversies & debates

Official attributable framing first: KIC publishes stewardship, ESG integration, exclusion/watchlist language, and independence language under the KIC Act—researchers should read those primary texts before importing secondary narratives. Market drawdown context is explicit in official tables (notably 2022’s −14.36% gross return and AUM decline from USD 205.0 billion in 2021 to USD 169.3 billion in 2022), followed by recovery through 2025.

Leadership attribution debates: secondary sources and some person pages may lag live executives. This profile’s controlling sources for CEO/CIO are the live kic.kr executives page and the April 2026 Annual Report roster—not Wikipedia. EN-page CRO biography paste inconsistencies are noted above without inventing personnel events. No private emails or personal phone numbers are published here.

Timeline

  • March 2005 — Korea Investment Corporation Act promulgated (AR milestones).
  • 1 July 2005 — KIC established as Korea’s SWF (anniversary + milestones).
  • 2006–2008 — IPS / risk guidelines / IT systems; start of indirect then direct global fixed income and direct global equities (milestones).
  • 2009–2010 — Risk Management Division; start of global alternatives; New York office (July 2010); PE/RE/infra/HF inception dates on alternatives table.
  • 2011–2012 — London office; HQ relocated to State Tower Namsan.
  • 2014 — Public Community for Overseas Investment established (April).
  • Dec 2016 — AUM exceeds USD 100 billion (milestones); AR narrative also references surpassing USD 100 billion in 2017 in Key Figures prose—cite both prints carefully.
  • 2017 — Singapore office (September).
  • 2018–2021 — Stewardship Principles (Dec 2018); absolute return framework (Jan 2019); first Sustainable Investment Report (June 2020); SGV 2035 mid- to long-term strategy (July 2020); Act RI amendment (Mar 2021); San Francisco office (Mar 2021); AUM exceeds USD 200 billion (Dec 2021).
  • 2022–2024 — PRI join (Dec 2022); International Finance Academy (Apr 2022); direct voting (May 2023); private debt inception (Jan 2024); Mumbai office (Apr 2024); Strategic Investment Team (2024).
  • 2025 — 20th anniversary; mid- to long-term management strategy established and announced (July 2025); YE AUM USD 232.0 billion; cumulative gains exceed entrusted principal.

Annex: AUM honesty

Headline figure for this profile: USD 232.0 billion at end-December 2025 from the 2025 Annual Report Key Figures and the live portfolio Overview. Accompanying KRW print (~KRW 333 trillion) uses the report’s stated FX rate; UAO does not invent a third USD figure. INST US$232B end-2025 is consistent with the official USD disclosure. Distinguish total AUM from cumulative gains (USD 122.4 billion) and from entrusted principal (USD 118.6 billion).

Year-endTotal AUM (USD bn)Gross annual return %Net annual return %
2021205.09.138.94
2022169.3−14.36−14.46
2023189.411.5911.44
2024206.58.498.35
2025232.013.9113.77

Annex: Returns path

Five-year annualized returns in the Key Figures table: 2021 9.94%; 2022 3.39%; 2023 6.48%; 2024 5.17%; 2025 5.21%. Ten-year annualized: 2021 7.50%; 2022 4.68%; 2023 4.92%; 2024 5.36%; 2025 7.07%. Traditional excess-return prints for 2025: total +24 bp; equities +16 bp; fixed income +47 bp (traditional chapter).

CEO Annual Report letter highlights the 10-year annualized return of 7.07% and the first crossing where cumulative net investment gains exceeded entrusted principal—an institutional milestone framed as national-wealth creation over the first two decades.

Annex: Allocation detail

BucketEnd-2024 %End-2025 %Notes
Equity39.541.6Public equities
Fixed income31.832.8Public FI
Alternative assets21.921.9PE, RE, infra, HF, private debt
Other6.83.7Includes ILBs/cash per notes
Total100100AR Key Figures

Traditional NAV USD 181.2 billion (78.1%); alternative NAV USD 50.8 billion (21.9%). Alternative sub-weights at 2025: private equity 7.6%; real estate 5.0%; infrastructure 4.5%; hedge funds 2.6%; private debt 2.0%.

Annex: Alternatives

Alternatives chapter: 10-year annualized return 8.48%; portfolio weight 21.9% at end-2025. Inception / 10y returns table: private equity from 16 Sept 2009 — 12.87%; real estate from 15 Mar 2010 — 3.94%; infrastructure from 3 Sept 2010 — 10.91%; hedge funds from 29 Jan 2010 — 5.47%; private debt from 2 Jan 2024 — no 10-year print. (Portfolio Overview page shows a PE inception date of 16 Oct 2009 in one cleaned extract—prefer the alternatives chapter table date when citing PE inception, or note the page variance.)

Benchmarks printed for alternatives: PE — MSCI ACWI ex Korea (unhedged) + 2% with 3-month lag; real estate/infrastructure — G7 inflation + 4% with 3-month lag; hedge funds — BofA ML 3-Month US Treasury Bill + 3.5% with 1-month lag; private debt — Morningstar Global Leveraged Loan Index + 1.25% with 3-month lag. Execution mixes direct, co-investment, and external manager mandates.

Annex: Traditional assets

Traditional assets are described as the core liquid sleeve—78.1% of the portfolio and a 10-year annualized return of 6.83% as of 2025. Fixed-income investing began in 2006; equities and absolute-return elements expanded thereafter; an absolute return framework was introduced in January 2019, after which traditional assets are described as delivering a stable return of 7.79% in that framework narrative. 2025 traditional return 15.10% with +24 bp excess.

Risk page context for public markets: sponsors designate benchmarks; public-market risk is managed via ex-ante tracking error. In 2024, total-portfolio ex-ante T/E ranged about 22–54 bp within limits; equity 30–55 bp; fixed income 12–30 bp. VaR, Conditional VaR, and stress tests (including inflation and geopolitical hypotheticals) supplement TE limits. Risk Management is organizationally separated from Investment Management.

Annex: Leadership verification

RoleName on primaryPrimary sourcesUAO person SSR
Chairman & CEOIl Young Park / 박일영Executives EN/KR; CEO message; AR Apr 2026Il Young Park / Park Il Young
CIOHoon Lee / 이훈Executives EN/KR; AR Apr 2026Hoon Lee / Lee Hoon
Statutory AuditorChongsoo Lee / 이종수Executives; ARName only (no invented SSR)
CROJaehyun Joo / 주재현 (AR/KR)AR Apr 2026; KR executivesPrefer AR; EN page text glitch noted
COOSangmin Lee / 이상민Executives; ARSangmin Lee
Not current CEOSeoungho JinContradicted by live kic.krDo not present as live CEO

Press release archive includes a historical item that Hoon Lee was promoted to CIO from Head of Investment Strategy and Innovation Division and that Hoseok Jung was appointed CRO—useful history, but the April 2026 Annual Report roster is the dated management snapshot used here for current titles.

Annex: Steering Committee

Nine-member Steering Committee: six private-sector members (Presidential appointment; two-year terms; Chair from private members) and three ex-officio members (Minister of Finance and Economy; Bank of Korea Governor; KIC CEO). Standing subcommittees: Investment; Risk Management and Audit. Ad hoc: Evaluation Remuneration; Budget. As-of dating on the member table print: May 2026. UAO lists the named private-sector members from the Annual Report without inventing additional seats.

Annex: Organization & offices

AR Dec 2025 organization print: 3 units, 3 divisions, 28 groups, 5 overseas offices, 353 employees. CIO span includes Total Portfolio Strategy Division, Public Market Division, Alternative Investment Division, and Strategic Investment. CRO and COO group lists cover public/alternative risk, performance analysis, legal, investment operations/systems, corporate strategy, institutional relations, HR, AI innovation, and IT.

Global offices in the Annual Report footprint chapter: New York, London, Singapore, San Francisco, Mumbai. Milestones: New York July 2010; London Dec 2011; Singapore Sept 2017; San Francisco Mar 2021; Mumbai Apr 2024. The live Organization page cleaned text also lists a Tokyo office among office names—cite that page if using Tokyo; the AR “5 overseas offices” list does not include Tokyo in the global chapter narrative opened for this brief.

Headquarters address printed on official pages: 15F, 17–19F, State Tower Namsan, 100 Toegye-ro, Jung-gu, Seoul, 04631, Korea. Public switchboard numbers appear on the site footer; UAO omits phone/fax from this profile body per public-safe rules.

Annex: Investment process

Six-step process (official Investment Process page): (1) set long-term goals to preserve and increase sovereign wealth; (2) macro and capital-market analysis, including new asset classes; (3) strategic asset allocation with sponsor risk-return constraints; (4) mid-term and annual management plans; (5) execute house views from quarterly allocation forums within risk limits; (6) ex-post risk and performance-factor analysis with feedback. Investment Committee membership explicitly includes CEO (chair), CIO, CRO, COO, and heads of Investment Strategy & Innovation, Public Market, and Alternative Investment divisions.

Annex: Risk framework

Risk objective: control investment risk within set limits and manage potential losses, with comprehensive front/middle/back-office and corporate-management coverage. Steering Committee sets risk-management policy; Board allocates risk limits and guidelines; subcommittee and working committee refine detail. Risk categories named: market, alternative investment, credit, derivatives, operational, and legal. Quantitative limits plus qualitative analysis; independence of Risk from Investment is emphasized.

Public-market TE ranges for 2024 (official risk page): total 22–54 bp; equity 30–55 bp; fixed income 12–30 bp. Additional tools: VaR, Conditional VaR, stress tests (historical and hypothetical, including inflation shocks and geopolitical scenarios), model backtesting, CoVaR and tail beta in stress periods, eligible-asset lists, weight limits by asset class/country/currency/industry, manager allocation limits, and bond-duration ranges.

Annex: RI / stewardship stack

  • Stewardship Principles established and disclosed (Dec 2018 milestones; principles page with Principle 1–n guidance including conflicts management).
  • KIC Act amendment providing legal basis for responsible investment (March 2021).
  • First Sustainable Investment Report (June 2020); TCFD-aligned disclosures referenced from 2022.
  • PRI membership (December 2022).
  • Direct exercise of voting rights under Stewardship Principles (May 2023).
  • ESG strategy funds from 2019; ESG Core / ESG Global; watchlist and exclusionary strategies for low ESG scores / problematic themes.
  • Government green/sustainable bond proceeds (2019, 2021) invested in green and social projects with impact reporting.

Annex: Strategic investment

Strategic Investment chapter: KIC participates as co-investor in Korean companies’ overseas investments including cross-border M&A, seeking both strategic objectives for Korean corporates and financial returns for KIC. A Strategic Investment Team was established in 2024 to strengthen capabilities. KIC also plans systematic portfolios via commitments to external managers dedicated to strategic investments. Expected-effects language includes securing new growth drivers and enhancing global competitiveness of Korean companies—cited as official framing, not UAO advocacy.

Annex: Domestic finance platform

Official domestic-finance chapter describes KIC as a cooperation platform connecting Korean institutions to global markets via: the Public Community for Overseas Investment (launched April 2014; about 26 major institutions including named pension/mutual-aid/policy-finance examples such as Korea Post, GEPS, Private School Teachers’ Pension, military and teachers’ mutual aids, KDB, Korea Eximbank); the International Financial Cooperation Council; and the International Finance Academy (launched April 2022 per milestones). This mandate strand is distinct from AUM investing and is part of KIC’s statutory-adjacent public mission language on advancing Korea’s finance industry.

Annex: Key milestones

Milestones page headline arc: Act promulgation March 2005; establishment July 2005; build-out of FI/equity/alternatives and offices through the 2010s; USD 100 billion (Dec 2016 print) and USD 200 billion (Dec 2021); stewardship/ESG institutionalization 2018–2023; Mumbai office April 2024; mid- to long-term management strategy established and announced July 2025. Anniversary page quotes founding CEO Kangwon Lee on prudence and patience pillars—historical colour, not current management.

Annex: Peer context

Among UAO live elites, KIC sits with other sovereign pools such as GIC, China Investment Corporation, Abu Dhabi Investment Authority, Kuwait Investment Authority, Public Investment Fund, Norges Bank Investment Management, and Temasek Holdings, while National Pension Service (NPS) and GPIF are large Asian pension peers with different liability structures. KIC’s combination of published USD AUM, annual return tables, and a statutory Steering Committee with MOFE/BOK ex-officio seats is a distinctive Korean public-finance design. Influence Index references elsewhere on UAO, if any, are editorial composites—not ratings assigned by KIC.

Annex: Research notes

  • Opened primaries only; better omit than guess seats, phones, or undated AUM.
  • Currency discipline: USD first; KRW only as official accompanying conversion.
  • CEO/CIO controlling sources: live executives + AR April 2026; ignore stale Jin-as-CEO secondaries for current title.
  • CRO: prefer Jaehyun Joo from AR/KR; note EN biography glitch involving Hoseok Jung text.
  • Office count: AR five-office list vs org-chart Tokyo mention—source-specific citation.
  • PE inception date variance between pages—flag when material.
  • No VideoObject: no verified YouTube embed ID on opened pages.
  • Public-safe: no private emails/phones.
  • Desk registry-people-desk-41.json untouched this ship.
  • Daily-refresh left disabled.

FAQ

What is Korea Investment Corporation (KIC)?

KIC is the sovereign wealth fund of the Republic of Korea, established on 1 July 2005 under the Korea Investment Corporation Act. Official pages state that it manages assets entrusted by the government, the Bank of Korea, and public funds to enhance long-term national wealth and contribute to Korea’s finance industry. Prefer primary disclosures on kic.kr and the 2025 Annual Report.

What is KIC’s latest official AUM?

Prefer official USD. The 2025 Annual Report Key Figures and the live portfolio Overview state total assets under management of USD 232.0 billion as of December / year-end 2025 (about KRW 333 trillion at the report’s KRW 1,434.9 per USD rate as of 31 December 2025). Cumulative net investment gains were USD 122.4 billion, exceeding entrusted principal of USD 118.6 billion.

Who is the current CEO of KIC?

As verified on the live kic.kr Executive Management page and the CEO’s Message, and in the 2025 Annual Report management section dated as of April 2026, Il Young Park (Park Il Young; 박일영) is Chairman & CEO. Do not treat Wikipedia or other secondary lists that still name Seoungho Jin as CEO as controlling versus the live official executives page.

Who is the current CIO of KIC?

Hoon Lee (Lee Hoon; 이훈) is listed as Chief Investment Officer on the live kic.kr Executive Management page and in the 2025 Annual Report management roster (as of April 2026). UAO does not invent a successor; any “continuing pending successor” language outside official pages is not treated as a live title change.

How is KIC governed?

Under the Korea Investment Corporation Act, KIC maintains a Steering Committee (six private-sector members plus three ex-officio members: the Minister of Finance and Economy, the Governor of the Bank of Korea, and the KIC CEO), a Board of Directors, and executive management. Article 35 framing in the 2025 Annual Report emphasizes investment independence and operational autonomy from central agencies and sponsors.

What was KIC’s 2025 portfolio return?

The 2025 Annual Report states a total portfolio return of 13.91% gross of fees and 13.77% net of fees for 2025, with a 5-year annualized return of 5.21% and a 10-year annualized return of 7.07%.

How is KIC’s portfolio allocated?

As of end-2025, official materials show traditional assets at 78.1% (about USD 181.2 billion NAV) and alternative assets at 21.9% (about USD 50.8 billion). Within the total, equities were 41.6%, fixed income 32.8%, alternatives 21.9%, and other 3.7%.

Does KIC publish ESG or stewardship policies?

Yes. Official Sustainable Investment pages and the 2025 Annual Report describe ESG integration across asset classes, Stewardship Principles (established 2018), a March 2021 Act amendment providing a legal basis for responsible investment, TCFD-aligned Sustainable Investment Report disclosures since 2022, PRI membership (December 2022), and direct voting under stewardship from May 2023.

Where does KIC operate globally?

Headquarters are in Seoul (State Tower Namsan). The 2025 Annual Report global chapter cites overseas offices in New York, London, Singapore, San Francisco, and Mumbai (Mumbai established April 2024), with investment footprint language covering about 70 countries and 39 currencies. Cite the org-chart page separately if Tokyo appears there.

Is KIC the same as Korea’s National Pension Service (NPS)?

No. KIC is Korea’s sovereign wealth fund managing entrusted foreign-reserve and public assets under the KIC Act. NPS is Korea’s national pension scheme and a separate institution with its own mandate, governance, and AUM disclosures. UAO maintains a separate elite profile for NPS.

What currency should researchers use for KIC AUM?

Prefer USD as KIC’s primary official disclosure unit on the Annual Report key figures and portfolio Overview (USD 232.0 billion at end-2025). KRW figures in the same report are accompanying conversions at a stated Seoul Money Brokerage Services rate—not a reason to invent a separate unofficial USD number.

How large is KIC’s organization?

The 2025 Annual Report governance section states that as of December 2025 KIC had 3 units, 3 divisions, 28 groups, 5 overseas offices, and 353 employees. Executive management comprises the CEO, Statutory Auditor, and Executive Vice Presidents for investment, risk, and corporate management.

Sources & further reading

Primary (opened for this profile)

Secondary (labelled if used)

  • Businesskorea (26 Sep 2024) — Park Il Young named CEO (appointment corroboration only).

Internal: UAO Registry · Top 100 · National Pension Service (NPS) · GIC · China Investment Corporation.

Annex: Investment philosophy — long extract

The following is a condensed restatement of KIC’s opened How We Invest / philosophy-policy page (not a substitute for the primary). KIC states that it invests for the long term, based on intrinsic value, and based on thorough risk assessments; that it pursues high returns through long-term investing without being shaken by short-term volatility; that it identifies undervalued assets through systematic valuation; and that it invests only after complete risk assessment. The investment objective cites the Prudent Investor Rule and diversified strategy across asset classes and regions to manage overall portfolio risk while seeking sustainable returns. Policies aim to generate sustainable and stable investment returns within appropriate risk limits.

Beliefs cluster (paraphrase of official numbered beliefs): Beliefs To ensure consistency with its investment philosophy across decision-making processes, KIC has defined a set of investment beliefs, which serve as guiding principles for investment activities. 1. Long-term investments generate better returns than short-term investments. 2. Asset allocation is key to determining a portfolio’s absolute return. 3. Diversified investing is an effective way to increase the risk-return ratio. 4. All investment targets must undergo a complete risk assessment, regardless of how promising they seem. We should be prepared for the worst and stay one step ahead in managing risk. 5. The stock market is inherently inefficient. 6. Research-based value investing can generate excess returns in light of market inefficiency. 7. External asset managers with a solid investment philosophy and expertise by asset class can generate stable returns amid external volatility. 8. System-based operations can lead to effective asset management and improve long-term investment performance. 9. Transparent and sound governance and strong teamwork are essential for generating sustainable investment returns. 10. Cost-effective management and controls are essential for increasing net added value.

Principles language emphasizes cautious and responsible investing, diversification across asset classes and regions, and sustainable return growth. Stewardship Principles are linked for download; Principle 1–2 guidance addresses public disclosure of stewardship approach, ESG-linked risk and opportunity identification, flexibility across asset classes, and conflicts-of-interest management.

Annex: Investment process — long extract

Process page restatement: Investment Process │ Investments │ Korea Investment Corporation 바로가기 메뉴 대메뉴 바로가기 본문내용 바로가기 Investment Newsroom Empowerment About Us Careers Sitemap KR EN 투자 인트로 투자철학·정책 투자프로세스 포트폴리오 지속가능 투자 리스크 관리 KIC는 국가경제의 부를 증가시켜 지속가능한 성장의 기반을 마련합니다. 검색어를 입력해주세요 Popular Searches Highlights Annual Report KO Home Investments Investment Process Investment Process Process KIC’s investment decision-making process aims to generate long-term investment returns based on thorough research. Step 1. Set investment goals Set long-term investment goals to preserve and increase the value of sovereign wealth Step 2. Conduct macroeconomic and capital market analysis Carry out mid- and long-term macroeconomic research Discover and analyze new asset classes Analyze capital market expectations for each asset class Step 3. Implement strategic asset allocation Analyze the risk-return profile and investment constraints for each sponsor Set optimal asset allocation rules to improve long-term returns Step 4. Establish investment management plans Carry out mid- and short-term financial market analysis and forecasting Establish mid-term and annual management plans based on the economic outlook and financial market forecast Step 5. Execute investment strategies Execute an asset allocation strategy based on house views decided at quarterly asset allocation forums Preemptively analyze risks according to financial market circumstances and reflect them in the overall portfolio Establish and implement investment strategies within risk limits for each asset class and fund investment Step 6. Monitor and analyze performance Analyze ex-post risks and performance factors for the entire portfolio and individual investments Correct setbacks and reflect improvements based on performance and process monitoring Investment Committees KIC makes prudent and responsible investment decisions through the following investment-related committees. Investment Committee Chaired by the CEO and made up of the Chief Investment Officer, Chief Risk Officer, Chief Operating Officer and the heads of the Investment Strategy & Innovation, Public Market and Alternative Investment divisions, this committee is responsible for deliberation and investment decisions. Investment Working Committee Chaired by the Chief Investment Officer and made up of the heads of the investment and risk management groups, this committee is responsible for

Committees restated: Investment Committee chaired by the CEO with CIO, CRO, COO and investment division heads; Investment Working Committee chaired by the CIO; Risk Management Committee chaired by the CRO. These committee names are taken from the opened Investment Process page.

Annex: Sustainable investment — long extract

KIC's Approach to Sustainable Investment KIC is committed to improving sustainability through ESG-integrated investments that take into account environmental, social and governance factors in the pursuit of long-term and stable returns. In particular, along with our participation in the Korean government’s green and sustainability bond issuance, KIC actively invests the entrusted funds in environmentally friendly and socially beneficial green and social projects. ESG Integration KIC has implemented ESG integration across all asset classes and portfolio strategies, establishing a sustainable investment framework aligned with global best practices. We apply ESG considerations to both traditional and alternative assets, in direct and indirect investments alike. By identifying ESG factors that could affect the value of investees and taking appropriate action during the investment process, we aim to enhance long-term asset value and returns. Our efforts include the following: First, we pursue sustainable investments, which consider ESG factors as a core investment theme. They include ESG equity strategy funds and green and social projects within alternative investments. KIC also invests in green, social and sustainability bonds and has ESG-themed quant sub-strategies that integrate ESG factors at the portfolio level. Second, KIC conducts ESG reviews of all its traditional and alternative asset managers, as well as on direct investments and co-investments in alternative assets. Using ESG questionnaires and on-site inspections, we assess each firm’s ESG policies and whether those policies are embedded in the investment process. We also review ESG factors of individual projects from multiple angles and reflect the findings in our investment decisions. Third, KIC actively addresses climate-related risks. We conduct detailed assessments of carbon emissions across equity and fixed-income investments at the portfolio level. We have also expanded this work to include climate scenario analyses and have disclosed our findings in our Sustainable Investment Report since 2022 based on Task Force on Climate-related Financial Disclosures (TCFD) standards. Fourth, KIC limits investments in companies with low ESG scores by maintaining a watchlist. We also operate an ESG program that incorporates exclusionary strategies, avoiding investments in themes and industries identified as problematic from an ESG perspective. Beyond policy development, KIC launched an ESG strategy fund in 2019. It tracks an ESG index that adjusts constituent weightings based on ESG scores, and it was the first global ESG strategy fund in Korea to adopt this methodology. Since then, KIC has increased its allocations to ESG strategy funds and diversified these strategies into ESG Core and ESG Global. In response to the fastevolving ESG landscape, we are also developing new ESG strategies. From a long-term perspective, KIC will continue to monitor and evaluate ESG strategy fund performance while pr

Annual Report sustainable chapter adds the statutory timeline: Stewardship Principles 2018; Act amendment March 2021; TCFD-aligned Sustainable Investment Report disclosures; ESG Integration Framework across the decision process; climate as a key risk factor with portfolio carbon and scenario analysis.

Annex: Risk management — long extract

Objective of risk management The aim of KIC’s risk management is to control investment risk within set limits and appropriately manage potential losses. KIC has a risk management system that provides comprehensive control solutions for managing risk at every stage—not only across the front, middle and back offices, but also within corporate management. Risk Management Categories The Steering Committee deliberates on and makes decisions regarding risk management policy, while the Board of Directors (BOD) allocates risk limits and establishes risk management guidelines. The Risk Management Subcommittee (under the Steering Committee) and the Risk Management Working Committee (under the BOD) develop detailed risk management guidelines through in-depth discussions. KIC manages market risk, alternative investment risk, credit risk, derivatives risk, operational risk and legal risk. We adopt quantitative indicators and limits to measure each type of risk, and assess and monitor these indicators throughout the investment process. When key risks exceed set limits, the Risk Management Working Committee examines the issue and discusses possible solutions. To supplement quantitative analyses, we also conduct various types of qualitative analyses. To ensure the independence and autonomy of the risk assessment and investment monitoring processes, the Risk Management unit is strictly separated from the Investment Management unit. Market Risk Market Risk Alternative Investment Risk Credit Risk Derivatives Risk Operational Risk Legal Risk For traditional assets including equities and fixed income, KIC manages the risk levels of excess returns based on benchmarks designated by our sponsors. Public market risk is defined as the volatility of excess returns against the benchmark, and we measure, monitor and set limits using exante tracking error (T/E). In 2024, the ex-ante T/E (minimum - maximum) for KIC’s total portfolio was 22~54 bps and managed within limits. The tracking error for equity was within 30~55 bps and for fixed income, 12~30 bps. A key source of alpha generation, these tracking errors are effectively allocated and managed across investment strategies. KIC also measures and monitors indicators including Value at Risk (VaR) and Conditional VaR, which estimate portfolio volatility for the management of absolute returns from an asset allocation perspective. KIC uses stress test techniques as well to prepare for risks in various situations. The stress tests for extreme situations take into consideration not only simple historical scenarios but also the impact of such hypothetical scenarios as a surge in inflation on the performance and correlation of each asset class, such as equity, fixed income and alternative assets, and geopolitical variables such as a prolonged war and changes in Covid-19 response policies on portfolios. This helps KIC estimate investment loss from various perspectives and take it into consideration when making investment decisions. T

Annex: AR investment policy — long extract

Investment Policy and Process Skip to content 2025 Annual Report 2025 2024 2023 This browser does not support HTML5 video playback. Close KO (Opens in a new window) EN (Opens in a new window) open full menu Investment Highlights 2025 Key Figures CEO’s Message Investments Investment Policy and Process Traditional Assets Alternative Assets Strategic Investment Global Presence and Investment Footprint Sustainable Investment Global Network Advancing the Domestic Finance Industry Risk Management Securities Lending Governance & Organization Governance and Organization Management Philosophy Ethical Management Talent Development Social Contribution Key Milestones Close Investments arrow image Investment Highlights Governance & Organization Investment Policy and Process Traditional Assets Alternative Assets Strategic Investment Global Presence and Investment Footprint Sustainable Investment Global Network Advancing the Domestic Finance Industry Risk Management Securities Lending Principles-driven investing, building national wealth through institutional excellence Investment Policy and Process KIC places the highest priority on enhancing long-term returns and preserving the value of assets entrusted by the Government of Korea and the Bank of Korea. Through disciplined asset allocation and a rigorous risk management framework, KIC fulfills its role as a global investment institution dedicated to steadily growing the nation’s sovereign wealth. Investment Policy KIC both pursues stable returns and preserves the value of national assets through long-term investment principles and a diversified investment strategy. Investment Objective KIC’s primary objective is to enhance national wealth and preserve asset value by generating sustainable and stable investment returns within an appropriate level of risk. Investment Principles In accordance with the Prudent Investor Rule, KIC implements a diversified investment strategy across asset classes and regions. Through this approach, KIC effectively manages portfolio risk while pursuing sustainable returns. Asset Classes KIC’s portfolio is broadly divided into three asset classes based on characteristics and investment objectives. Traditional assets consist of highly liquid financial assets traded in public markets, including equities and fixed-income securities. Alternative assets encompass a broad range of investments outside traditional asset classes. While these assets generally exhibit lower liquidity due to the absence of standardized trading markets, they seek to generate additional returns through an illiquidity premium. Alternative asset classes include private equity, real estate, infrastructure, hedge funds and private debt. Finally, strategic investments refer to investments in which KIC participates as a co-in

Annex: AR traditional assets — long extract

Traditional Assets Skip to content 2025 Annual Report 2025 2024 2023 This browser does not support HTML5 video playback. Close KO (Opens in a new window) EN (Opens in a new window) open full menu Investment Highlights 2025 Key Figures CEO’s Message Investments Investment Policy and Process Traditional Assets Alternative Assets Strategic Investment Global Presence and Investment Footprint Sustainable Investment Global Network Advancing the Domestic Finance Industry Risk Management Securities Lending Governance & Organization Governance and Organization Management Philosophy Ethical Management Talent Development Social Contribution Key Milestones Close Investments arrow image Investment Highlights Governance & Organization Investment Policy and Process Traditional Assets Alternative Assets Strategic Investment Global Presence and Investment Footprint Sustainable Investment Global Network Advancing the Domestic Finance Industry Risk Management Securities Lending 2025 Annual Return 15.10 % +24 bps in excess of benchmark 10-Year Annualized Return 6.83 % NAV 181.2 USD billion Portfolio Allocation 78.1 % (As of end-2025) Traditional Assets – Drivers of Consistent Returns Investing in Traditional Assets Traditional assets, primarily equities and fixed income, constitute a core asset class representing 78.1% of the overall portfolio. Through diversified investment strategies tailored to the characteristics of each asset class, they provide a stable return base, recording a 10-year annualized return of 6.83% as of 2025. Traditional Investment Performance Traditional assets, consisting mainly of equities and fixed income, play a central role in achieving KIC’s investment objectives. Since initiating fixed-income investments in 2006, KIC has continuously diversified its investment platform by expanding into additional asset classes and strategies, including equities and absolute return assets. As of the end of 2025, traditional assets accounted for 78.1% of the total portfolio and recorded a 10-year annualized return of 6.83%. In particular, since the introduction of the absolute return framework in 2019, traditional assets have delivered a stable return of 7.79%, serving as a key foundation for preserving and enhancing the value of national assets. 2025 Return on traditional investments 2025 Return on traditional investments table 2021 2022 2023 2024 2025 10-Year Annualized Return (2016-2025) Total Return % 6.75 -17.58 14.35 9.30 15.10 6.83 Excess return bp -39 -52 -6 3 24 1 Equities Return % 18.61 -19.27 22.44 18.83 22.24 12.01 Excess return bp -92 -137 -13 10 16

Annex: AR alternative assets — long extract

Alternative Investments Alternative investments, centered on private equity, real estate and infrastructure, account for 21.9% of the total portfolio and play a key role in diversifying sources of return. By capturing the illiquidity premium and leveraging the low correlation among asset classes, the portfolio generated a 10-year annualized return of 8.48% as of 2025, contributing to the stability of long-term investment performance. Alternative Investment Performance Alternative investments refer to asset classes other than traditional equities and fixed income. While they typically involve longer investment horizons and lower liquidity than traditional assets, they offer the potential to capture illiquidity premiums and long-term growth opportunities supported by low correlations with other asset classes. Since launching private equity investments in 2009, KIC has expanded its alternative investment platform into real estate and infrastructure. As of year-end 2025, alternative investments reached an NAV of USD 50.8 billion, accounting for 21.9% of the total portfolio, and have grown into a core asset class driving the diversification of return sources. Over the past 10 years, the portfolio delivered a strong annualized return of 8.48%, contributing to improved portfolio stability and overall returns. Alternative Investment Returns (Unit : %) Alternative Investment Returns table Investment Start Date 10-Year Annualized Return Private Equity Sept. 16, 2009 12.87 Real Estate March 15, 2010 3.94 Infrastructure Sept. 3, 2010 10.91 Hedge Funds Jan. 29, 2010 5.47 Private Debt Jan. 2, 2024 - Total Alternative Investments 8.48 Asset Allocation and Investment Framework KIC determines strategic allocations for its alternative investment portfolio through a comprehensive assessment of the characteristics of each asset class and market conditions. By allocating capital across asset classes with differentiated risk-return profiles, KIC seeks to mitigate portfolio volatility and diversify sources of return. In particular, KIC flexibly combines direct investments, co-investments and external manager mandates based on structural changes in the global economy and the outlook for financial markets. Through this approach, KIC identifies attractive investment opportunities, strengthens key partnerships and operates an optimal portfolio management framework that enables it to respond proactively and with agility to rapidly evolving market conditions. Benchmark by Asset Class Benchmark by Asset Class table Asset Class Benchmark Alternative Assets Private Equity Morgan Stanle

Annex: AR governance — long extract

Governance Framework Anchored in Investment Independence and Autonomy Governance and Organization KIC upholds ethics and transparency as the core principles of its management philosophy. Through a fair and integrity-based governance framework, KIC manages national assets in a stable manner while fulfilling its responsibilities as a public institution. In addition, under a governance structure grounded in laws and regulations, KIC has established operational independence and autonomy. Building on this foundation, KIC remains committed to fulfilling its social responsibilities for the future of Korea. Governance In accordance with the Korea Investment Corporation Act (Article 35), KIC has established a governance structure that ensures investment independence and operational autonomy from relevant central government agencies and sponsors. Steering Committee The Steering Committee has the authority to deliberate and decide on key matters, including amendments to the Articles of Incorporation, the establishment of mid- to long-term investment policies, determination of basic operational policies, changes in financial status, the entrustment of assets to KIC, appointment and dismissal of executives, approval of budgets and financial statements, evaluation of management performance and audits of business. (Article 9, KIC Act) Board of Directors KIC maintains a Board of Directors composed of the CEO and directors. In accordance with KIC’s internal regulations, the Board is responsible for detailed decision-making across all aspects of operations, including organizational management, asset management, risk management, compliance, human resources and accounting. (Article 24, KIC Act) Chief Executive Officer Under Article 18 of the Korea Investment Corporation Act, the CEO of KIC is appointed by the President of the Republic of Korea, upon recommendation by the Minister of Finance and Economy, following a nomination by the President (CEO) Recommendation Committee and deliberation by the Steering Committee. The CEO represents KIC, oversees its business, convenes meetings of the Board of Directors and serves as Chairman of the Board. Organization * 3 units, 3 divisions, 28 groups, 5 overseas offices, and 353 employees (As of Dec. 2025) Steering Committee Statutory Auditor Audit Group Board of Directors Chief Executive Officer Chief Compliance Officer Ethics & Compliance Group CEO's Office CIO Total Portfolio Strategy Division Total Portfolio Management Group I Total Portfolio Management Group II Macro Policy & ESG Group Strategic Investment Public Market Division Equity Investment & Strategy Group Global Equity Investment Group Quant Equity Investment Group Fixed-Income Group Alternative Investment Division Private Equity Group Real Estate Group Infrastructure Group Absolute Returns Group New York Office London Office Singapore Office San Francisco Office Mumbai Office CRO Public Market Risk Management Group Alternative Investment Risk Management Group Perfo

Management roster dating in the same chapter: as of April 2026 for executive biographies; Steering private-sector member table as of May 2026. Organization print: 3 units, 3 divisions, 28 groups, 5 overseas offices, 353 employees as of December 2025.

Annex: AR key figures — long extract

2025 Key Performance Indicators Total AUM (USD billion) 232.0 Total Portfolio Return 13.91 % In 2025, KIC recorded total AUM of USD 232 billion (about KRW 333 trillion) and a total portfolio return of 13.91%. This performance was driven by KIC’s disciplined adherence to long-term investment principles and a diversified investment strategy, which enabled us to capture investment opportunities across asset classes despite market volatility. * Applied exchange rate: KRW 1,434.9 per USD (Seoul Money Brokerage Services, as of December 31, 2025) Cumulative Net Investment Gains (USD billion) 122.4 Total Entrusted Principal (USD billion) 118.6 Cumulative net investment gains reached USD 122.4 billion (approximately KRW 176 trillion), surpassing the entrusted principal of USD 118.6 billion (approximately KRW 170 trillion) for the first time since inception. Growth and Increased National Wealth Amid Market Volatility 2025 Global Financial Market Environment In 2025, global financial markets experienced heightened volatility amid shifts in monetary policy across major economies, varying paces of economic recovery and ongoing geopolitical risks. Interest rate policies in key countries, including the United States, weighed on investor sentiment, while geopolitical factors such as trade tensions further heightened market uncertainty. Nevertheless, KIC remained committed to its long-term investment principles and continued to pursue investment strategies designed to capture high-growth opportunities across global financial markets through disciplined diversification and rigorous risk management. 2025 Performance Based on Long-Term Strategy KIC delivered a total portfolio return of 13.91% in 2025 with a systematic investment strategy. With a 5-year annualized return of 5.21% and 10-year annualized return of 7.07%, we maintained a solid trajectory of growth. Since inception, KIC has contributed to increasing national wealth by generating stable returns that consistently outpace inflation despite volatility in global financial markets. Investment Performance and Portfolio Starting with USD 1 billion in 2005, KIC’s assets under management surpassed USD 100 billion in 2017 and USD 200 billion in 2021, reaching USD 232 billion as of year-end 2025. Since inception, KIC has generated cumulative net investment gains of USD 122.4 billion—exceeding the entrusted principal—while continuing to deliver stable performance, including a 13.91% annual return in 2025. Alternative Assets 21.9% Fixed Income 32.8% Equities 41.6% Total AUM and Returns in 2025 Total AUM and Returns in 2025 ta

Annex: AR CEO message — long extract

Dear readers, In 2025, the Korea Investment Corporation (KIC) remained firmly focused on delivering on its mandate to grow national wealth. Assets under management reached a record high of USD 232 billion, while our 10-year annualized return—a key indicator of long-term performance—stood at a robust 7.07%. Cumulative net investment gains since our establishment in 2005 reached USD 122.4 billion as of end-2025, surpassing for the first time the USD 118.6 billion entrusted us over the same period by the Korean government and Bank of Korea. In other words, the national wealth we have created has exceeded the wealth originally entrusted—an especially meaningful milestone over our first two decades. While these results have been remarkable, there has been no room for complacency. The investment environment last year required constant vigilance. Amid ongoing diplomatic and geopolitical tensions, the decision-making calculus for economic actors became increasingly complex. At the same time, technological innovation—led by advances in artificial intelligence—drove profound transformation across industries, creating compelling investment opportunities. In this environment of both uncertainty and promise, KIC maintained a balanced perspective, guarding against excessive pessimism while recognizing crises as potential opportunities. Drawing on the asset allocation and risk management capabilities we have built over the years, we delivered solid relative as well as absolute returns. Going forward, we will continue to focus on identifying structural shifts in global markets from a long-term perspective and responding proactively. Our 20th anniversary last year marked an important inflection point—an opportunity to reflect on our past, take stock of our present and chart the course ahead. In this context, we pursued key initiatives aimed not only at growing our scale, but also at strengthening our institutional fundamentals. Notably, we initiated strategic investments designed to support the global expansion of Korean companies and foster the nation’s core strategic industries. These investments will help strengthen national competitiveness and drive economic growth—and ultimately enable KIC, as a sovereign wealth fund, to tangibly contribute to improving the quality of life for the people of Korea. As part of this initiative, we selected domestic private equity fund mana

Annex: Global footprint & domestic platform — long extract

Global chapter: Overseas offices 5 Countries of investment 70 Currencies 39 A Locally Embedded Investment Platform Across Global Financial Hubs Overseas Offices and Global Investment Status Through global offices in cities including Seoul, New York and London, KIC has established a locally embedded investment platform that lets us respond swiftly to regional market conditions, enhancing portfolio sustainability. Locally Embedded Investment Infrastructure With its headquarters in Seoul, KIC has established a global investment network spanning New York, London, Singapore, San Francisco and Mumbai. Leveraging locally based investment professionals, KIC has continuously strengthened its investment execution capabilities, while each office identifies promising investment opportunities based on deep local market knowledge and extensive networks. These global offices serve as key infrastructure for executing KIC’s long-term investment strategy on the ground. Investments by Region (Unit : %, bp) Asia 13.13 China, Japan,India, Singapore,Southeast Asia North America 62.29 Mainly United States and Canada Europe 21.86 Western and Northern Europe, Middle East, Africa (EMEA) Other 2.72 Brazil, Chile, etc. Diversified Global Portfolio KIC’s global network enables the implementation of diversification strategies across regions, asset classes and currencies at the investment execution stage. Building on the stability of North America (United States, Canada and Mexico) and developed European markets, KIC continues to expand its investment footprint into high-growth regions, including Asia (China, Japan, India, etc.), the Middle East and Oceania (Australia and New Zealand). This regional diversification serves as a key driver in responding to market volatility and diversifying sources of return. As of year-end 2025, the global portfolio was allocated across North America (62.29%), Europe (21.86%), Asia

Domestic chapter: Financial Cooperation Platform Connecting Korea and Global Markets As Korea’s leading overseas investor, KIC shares its global investment expertise and network with domestic financial institutions to support their global competitiveness. Through key initiatives such as the Public Community for Overseas Investment, International Financial Cooperation Council and International Finance Academy, KIC serves as a financial cooperation platform connecting domestic financial institutions with global financial markets. KIC’s Financial Cooperation Platform Global Financial Markets International Financial Cooperation Council (Global Network) Sharing Global Networks & Serving as a Bridge KIC Sharing Global Investment Experience Public Community for Overseas Investment (Domestic platform) International Finance Academy (Professional Talent Development) Domestic Finance Industry Public Community for Overseas Investment KIC launched the Public Community for Overseas Investment in April 2014 to share global investment experience and market insights with domestic institutional investors. The platform comprises 26 major institutions, including pension funds (e.g. Korea Post, Government Employees Pension Service, Private School Teachers’ Pension Fund), mutual aid associations (e.g. Military Employees’ Mutual Aid Association, Korea Scientists and Engineers Mutual-Aid Association, Korean Teachers’ Credit Union) and policy financial institutions (e.g. Korea Development Bank, Korea Eximbank). The platform has established itself as a key network for regular discussions on the global financial market outlook and major market issues. KIC will continue to actively share global investment expertise with member institutions and contribute to the advancement of Korea’s finance industry. Key Activities of the Public Community for Overseas Investment in 2025 Key Activities of the Public Community for Overseas Investment in 2025 table Topic Feb. 28, 2025 2025 Outlook for Global Equity and Fixed Income Markets April. 29, 2025 Impact of the Trump Administration’s Tariff Policies on Asset Classes and

Annex: Live portfolio Overview — long extract

KIC was established in 2005 under the Korea Investment Corporation Act. As of December 2025, we had assets under management of USD 232.0 billion. Assets under management $ 232,000,000,000 USD *As of December 2025 Total Assets Total Assets | As of the end of December 2025, KIC managed approximately USD 232.0 billion in assets, with cumulative investment returns totaling about USD 122.4 billion. Equity Fixed income Alternative assets Etc Annual AUM USD billion * The subtotals include other assets such as inflation-linked bonds and cash. Return on Total Assets Category 2021 2022 2023 2024 2025 Annual return (%) 9.13 -14.36 11.59 8.49 13.91 Cumulative net investment income since establishment Category 2021 2022 2023 2024 2025 Cumulative net investment income since establishment (USD bn) 87.9 58.2 77.9 93.9 122.4 Asset allocation 2025 Asset allocation 2025 | 78.1% of total investment in 2025 were invested in traditional assets and 21.9% in alternative assets. Asset allocation compared to the previous year Traditional assets (Equity, Fixed income) | USD 181.2 billion in 2025, accounting for 78.1% of total investment Alternative assets (Private equity‧Real estate, Hedge funds) | USD 50.8 billion in 2025, accounting for 21.9% of total investment Equity Fixed income Alternative assets Etc 2024 2025 Return on traditional assets Category 2021 2022 2023 2024 2025 Annualized return for the past five years (2021~2025) Annualized return for the past ten years (2016~2025) Total Return(%) 6.75 -17.58 14.35 9.30 15.10 4.83 6.83 Excess Return(bp) -39 -52 -6 3 24 -17 1 Equities Return(%) 18.61 -19.27 22.44 18.83 22.24 11.24 12.01 Excess Return(bp) -92 -137 -13 10 16 -52 -23 Fixed income Return(%) -4.62 -16.65 6.34 -0.19 7.46 -1.94 1.48 Excess Return(bp) 39 14 14 2 47 23 34 Return on alternative assets Annualized return for the ten years : 8.48% 12.87 % Annualized return for the ten years Private equity Inception : Oct. 16, 2009 3.94 % Annualized return for the ten years Real estate Inception : Mar. 15, 2010 10.91 % Annualized return for the ten years Infrastructure Inception : Sep. 03, 2010 5.47 % Annualized return for the ten years Hedge funds Inception : Jan. 29, 2010 N/A Private debt Inception : Jan. 02, 2024 8.48 % Annualized return for the ten years Alternative asset total

Annex: 20th anniversary page — long extract

Investing Globally, Shaping Korea’s Financial Future Korea Investment Corporation (KIC) was established as the sovereign wealth fund of Korea on July 1, 2005. Over the past 20 years, KIC has delivered stable long-term returns by navigating global financial crises and market cycles. We have also played a key role in advancing the globalization of Korea’s financial sector. We have built a 24-hour investment platform and network, with offices in key global financial hubs, and have firmly established ourselves as a sovereign wealth fund with world-class investment capabilities. These 20 years of experience and achievements will serve as a driving force for KIC’s continued growth and as a solid foundation for Korea’s broader financial development. <Our founding members> Investing Globally, Shaping Korea’s Financial Future Our people Kangwon Lee The First CEO Our 20-year history is the record of the talented individuals who overcame challenges and prevailed. I take great pride in being part of the sovereign wealth fund. Korea Investment Corporation Yongseon Shin Division Head, Public Market Division Nicholas Finkelman Managing Director, New York Office Jiyoon Kim Associate, Investment Strategy & Innovation Group Kangwon Lee The First CEO Twenty years ago, we made a resolution to lay each cornerstone, each — brick, with the belief that we were building something for the next 30 to 50 years. Two decades later, looking at KIC now, it has become not merely a sovereign wealth fund, but a true treasure. And KIC itself possesses three invaluable treasures: the crises we have endured and documented, the people who make up our organization, and the history we have written over the past twenty years. In essence, our 20-year history is the record of the talented individuals who overcame challenges and prevailed. We had several pillars with the letter ‘P’ Policy, People, Product, Portfolio, — and Performance. Today, I would like to propose adding two more ‘P’ pillars: Prudence and Patience. ‘Prudence’ is the foresight and restraint that guides how we sow the seeds — it is the disci

Annex: Executives page — long extract

Executive Management │ Governance │ About Us │ Korea Investment Corporation 바로가기 메뉴 대메뉴 바로가기 본문내용 바로가기 Investment Newsroom Empowerment About Us Careers Sitemap KR EN 투자 인트로 투자철학·정책 투자프로세스 포트폴리오 지속가능 투자 리스크 관리 KIC는 국가경제의 부를 증가시켜 지속가능한 성장의 기반을 마련합니다. 검색어를 입력해주세요 Popular Searches Highlights Annual Report KO Home About Us Governance Executive Management Executive Management KIC’s leadership delivers sustainable performance based on global expertise and a strong sense of responsibility. Profile Il Young Park Il Young Park Chairman & CEO Education B.A., Economics, Seoul National University M.A., Sanford School of Public Policy, Duke University, USA Professional Experience Executive Director, World Bank Ministry of Economy and Finance Deputy Minister for International Affairs Director General, International Economic Affairs Bureau Director General, Development Finance Bureau Policy Advisor to the Minister Chongsoo Lee Chongsoo Lee Statutory Auditor Education B.A., Economics, Sungkyunkwan University M.A., International Economics, Seoul National University M.S., Marketing Communication, New York University, USA Professional Experience Outside Director, Korea Securities Finance Corporation New York Life Investment Management, Korea Advisor / Chief Representative Head of Sales, DWS (Deutsche Asset Management), Korea Head of International Sales Team, Hyundai Investment & Securities Chief Representative, New York Office, Hyundai Investment & Securities Hoon Lee Hoon Lee Chief Investment Officer Education B.A., Economics, Sogang University MBA, University of California at Berkeley, USA Professional Experience Korea Investment Corporation Senior Managing Director, Investment Strategy & Innovation Division Senior Managing Director, Investment Strategy Group Managing Director, Asset Allocation Team & Macro Research Team Korea Investment & Securities Co. Research Centers Woori Investment & Securities Co. Research Centers Jaehyun Joo Hoseok Jung Chief Risk Officer Education B.A., Economics, Yonsei University M.A., Economics, Yonsei University Professional Experience Bank of Korea Di

Honesty reminder: live EN page confirms Il Young Park as Chairman & CEO and Hoon Lee as CIO. Jaehyun Joo appears as a heading near CRO materials; Hoseok Jung biography text may still be pasted on EN—prefer AR April 2026 naming Jaehyun Joo as CRO and the KR executives page (주재현).

Annex: Strategic investment — long extract

Strategic Investment Skip to content 2025 Annual Report 2025 2024 2023 This browser does not support HTML5 video playback. Close KO (Opens in a new window) EN (Opens in a new window) open full menu Investment Highlights 2025 Key Figures CEO’s Message Investments Investment Policy and Process Traditional Assets Alternative Assets Strategic Investment Global Presence and Investment Footprint Sustainable Investment Global Network Advancing the Domestic Finance Industry Risk Management Securities Lending Governance & Organization Governance and Organization Management Philosophy Ethical Management Talent Development Social Contribution Key Milestones Close Investments arrow image Investment Highlights Governance & Organization Investment Policy and Process Traditional Assets Alternative Assets Strategic Investment Global Presence and Investment Footprint Sustainable Investment Global Network Advancing the Domestic Finance Industry Risk Management Securities Lending Enhancing the Global Competitiveness of Korean Companies and Securing New Growth Drivers Strategic Investment KIC contributes to the long-term growth of the Korean economy by supporting Korean companies in their expansion into overseas markets and efforts to secure new growth drivers. As a co-investor, KIC seeks to build optimal partnerships that simultaneously advance the strategic objectives of Korean companies and generate financial returns. Strategic Investment Built on Experience and Expertise KIC strengthened its organizational capabilities through establishing the Strategic Investment Team in 2024 to support Korean companies in enhancing their global competitiveness and securing new growth drivers. Strategic investment refers to an approach in which KIC participates as a co-investor in the overseas investments of Korean companies, including cross-border mergers and acquisitions (M&A). The aim is to help

Completeness note

Target band ~10k sourced words from opened primaries. Non-blocking expansions later: full Stewardship Principles PDF line-cite; Sustainable Investment Report PDF tables; securities-lending chapter detail; ethics/talent chapters; complete Steering Subcommittee attendance matrices; Tokyo office primary clarification; official video embed if KIC publishes a stable YouTube ID. No filler invented to pad.

Annex: CEO letter themes (AR 2025)

The Annual Report CEO letter (Il Young Park) states that in 2025 KIC remained focused on growing national wealth; AUM reached a record USD 232 billion; the 10-year annualized return stood at 7.07%; and cumulative net investment gains of USD 122.4 billion surpassed entrusted principal of USD 118.6 billion for the first time. The letter describes an environment of diplomatic and geopolitical tensions alongside AI-led technological transformation, and says KIC maintained a balanced perspective—guarding against excessive pessimism while recognizing crises as potential opportunities—drawing on asset-allocation and risk-management capabilities built over the years. The 20th anniversary is framed as an inflection point for institutional fundamentals, including strategic investments designed to support Korean companies’ global competitiveness. These themes match the live CEO’s Message emphasis on long-term intrinsic-value investing and the 24-hour global office network.

Operationally, the letter and investment chapters together emphasize relative as well as absolute returns, structural-shift identification, and continued development of mid- to long-term strategy—consistent with the July 2025 milestones entry that a mid- to long-term management strategy was established and announced.

Annex: Beliefs &amp; stewardship principles detail

Beliefs 1–10 on the philosophy page are reproduced in substance above. Stewardship Principle 1 guidances on the same cluster of pages state that the Principles mark commitment to investment stewardship based on global standards of good practice in markets where KIC invests; that stewardship activities support the core investment objective by helping identify and address investment risk—including ESG-linked risks—and opportunities linked to long-term sustainable trends; and that materiality of ESG factors and the ability to execute stewardship vary across asset classes and styles, so methods remain flexible. Principle 2 emphasizes a robust internal approach for managing conflicts of interest in stewardship activities and expectations that investment managers maintain conflict policies.

UAO does not paste the entire stewardship PDF; researchers should download the official Stewardship Principles file from kic.kr for clause-level work. May 2023 direct voting is the milestones date for bringing stewardship into direct voting practice.

Annex: 2025 market environment (AR)

Key Figures narrative: 2025 global markets saw heightened volatility amid monetary-policy shifts across major economies, varying recovery paces, and geopolitical risks; U.S. and other interest-rate policies weighed on sentiment; trade tensions added uncertainty. KIC says it remained committed to long-term principles and diversified strategies to capture high-growth opportunities with rigorous risk management—context for the 13.91% total portfolio return print.

Growth language: starting with USD 1 billion in 2005, surpassing USD 100 billion in 2017 (Key Figures prose) / December 2016 (milestones), USD 200 billion in 2021, and USD 232 billion at year-end 2025, with cumulative net gains of USD 122.4 billion exceeding entrusted principal.

Annex: Public Community membership examples

The domestic-finance chapter lists example member types in the Public Community for Overseas Investment: pension funds (e.g., Korea Post, Government Employees Pension Service, Private School Teachers’ Pension Fund); mutual aid associations (e.g., Military Employees’ Mutual Aid Association, Korea Scientists and Engineers Mutual-Aid Association, Korean Teachers’ Credit Union); and policy financial institutions (e.g., Korea Development Bank, Korea Eximbank). The platform is described as hosting regular discussions on global market outlook and major issues, with KIC sharing global investment expertise. Count print: 26 major institutions. This is cooperation infrastructure, not a statement that those institutions’ AUM sits inside KIC’s USD 232 billion.

Milestones: absolute return framework introduced January 2019. Traditional chapter links that framework to a stable 7.79% return print for traditional assets since introduction. Securities lending appears as a dedicated Annual Report menu item; this profile notes the chapter’s existence without inventing utilization statistics not captured in the opened text extract. Researchers needing lending income detail should open the securities-lending AR page directly.

Annex: Sponsors, FX, and disclosure unit

Sponsors repeatedly named: Government of Korea and Bank of Korea (CEO letter; investment policy chapter). Ex-officio Steering seats for the Minister of Finance and Economy and the BOK Governor institutionalize sponsor oversight without collapsing operational independence language under Article 35. FX: Key Figures explicitly applies KRW 1,434.9 per USD (SMBS, 31 Dec 2025) when presenting KRW equivalents of USD 232 billion AUM and USD 122.4 billion cumulative gains. UAO therefore treats USD as the native disclosure unit for comparisons with INST US$232B.

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