Korea Investment Corporation (KIC) has plans to appoint an infrastructure investment manager for the operation of its overseas infrastructure mandates worth US$2 billion.

According to sources, KIC has held a meeting with Korea’s major asset managers and securities brokerages. KIC has plans to raise its weighting in alternative investments from 8% to 20% until 2021.

This announcement comes after KIC appointed Sangjoo Kim as Chief Operating Officer (COO) and Sung-Soo Eun as Chief Executive Officer (CEO)

In early 2016, KIC held the 12th Community of Public Organizations for Overseas Investment meeting at its Seoul headquarters. Meeting participants discussed co-investment opportunities in global infrastructure and potential issues to consider during the contract review process for alternative investments.

KIC was established in 2005 to preserve and enhance the long-term purchasing power of South Korea's sovereign wealth through efficient management of public funds in the international financial markets. KIC funds are invested in infrastructure built by local construction companies in countries overseas.