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IGIS Asset Management
South Korea real estate investment firm From Wikipedia, the free encyclopedia
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IGIS Asset Management (also IGIS; short for Integrated Global Investment Solution) is a real estate investment firm headquartered in Seoul, South Korea. IGIS is South Korea's largest real estate asset manager. In 2022, IREI ranked IGIS as the second largest real estate manager in Asia based on assets under management.[5]
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The firm was founded in 2010 as PS Asset Management by Kim Dai Young.[1][2] In 2012, the firm was rebranded to IGIS Asset Management.[1]
In 2015, Kim stepped down from managing duties of the firm and was succeeded by Cho Kab Joo and Andie Kang who would become Co-CEOs of the firm.[3][4] Later on Joseph Lee also became an additional Co-CEO of the firm.[2][4]
In 2018, the firm filed for an initial public offering on the Korea Exchange but the process was stopped after the death of Kim in October.[2] There was a change in ownership of the firm where 45.5% of its shares were transferred to Kim's wife while their son and daughter will inherit none of the shares and would not be involved with management of the firm.[2]
The firm established IGIS Private Equity in 2018. In 2021, it was acquired by BlackRock.[6][7]
The firm has a venture capital arm named IGIS Investment Partners.[8] In 2022, IGIS planned to spin it off into a joint venture with Kohlberg Kravis Roberts (KKR).[9] However the deal was delayed after IGIS was put under investigation by the Financial Supervisory Service. By 2024, the deal had fallen through although some IGIS staff still the firm to join KKR.[10]
In 2024, it was reported that IGIS was in a significant crisis due to the slump in the real estate sector, regulatory issues as well as poor financial performance.[11]
IGIS has additional offices in Frankfurt, London, New York and Singapore.[12]
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