S.Korea's KIC to resume overseas investment- paper
SEOUL, June 19
SEOUL, June 19 (Reuters) - The South Korean government will pump an additional $3 billion into Korea Investment Corporation (KIC) to enable the sovereign wealth fund to resume overseas investment, a newspaper reported on Friday.
The Maeil Business Newspaper cited a senior KIC official as saying that the fund was considering alternative investments which would be made jointly with private equity firms and financial services companies.
"(KIC) is studying a variety of investment options, including leveraged buyouts, distressed assets purchases and venture capital," the unnamed official was quoted as saying.
KIC manages $25 billion in assets, including part of the country's foreign currency reserves and assets of the finance ministry.
The fund invested $2 billion in Merrill Lynch early last year before the U.S. bank was bought by Bank of America Corp, which has reportedly translated into heavy losses and led it to shy away from foreign assets.
(Reporting by Kim Yeon-hee; Editing by Jonathan Hopfner)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- India says Pakistan border clashes "extremely serious and provocative"
- California lawmakers end session with bills on plastic bags, gun control
- EU says could send over 1 bln euros more aid to Ukraine
- Alibaba aims to launch share sale in early September-source
A day after the best economic growth figures in more than two years greeted Prime Minister Narendra Modi's first three months in office, the finance minister on Saturday predicted faster growth to come. Full Article
Exclusive: Reliance plans $13 billion projects including new refinery. Full Article