IGIS Asset Management
Korea's leading real estate investment trust and alternative investment management company.
Last updated August 31, 2026
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Overview
IGIS Asset Management is a leading asset management company in Korea, focusing on real estate investment trusts (REITs) and alternative investments. The company manages significant assets and has a strong influence in the Korean and global real estate markets.
History
IGIS Asset Management began in 2010 as PS Asset Management, founded by Kim Dai Young in South Korea. The firm was created as a real estate investment-management business and later broadened its activities across property acquisition, portfolio management, and related investment structures. In 2012, it adopted the IGIS Asset Management name, associated with the phrase “Integrated Global Investment Solution.” The rebranding marked the development of a more ambitious institutional identity rather than a narrow property-holding vehicle. In 2015, founder Kim Dai Young withdrew from managing responsibilities. Cho Kab Joo and Andie Kang succeeded him as co-chief executives, and Joseph Lee subsequently joined the senior leadership structure as an additional co-CEO. This transition placed the company under a more distributed management model while it continued to expand its real estate platform. IGIS’s portfolio came to include notable properties in South Korea and overseas markets. Properties identified in descriptions of the company include the Axa Equitable Center, Millennium Hilton Seoul, The One, and Trianon. The company also developed an international footprint with offices in Frankfurt, London, New York, and Singapore. Its activities positioned it as one of South Korea’s most important real estate asset managers and gave it a presence in cross-border investment markets. The company pursued a public-market transition in 2018 by filing for an initial public offering on the Korea Exchange. The offering was not completed after Kim Dai Young died in October of that year. A related ownership change transferred 45.5 percent of the company’s shares to Kim’s wife; the founder’s son and daughter were reported not to inherit shares and not to take part in management. The halted IPO and ownership restructuring became important elements in IGIS’s corporate history because they affected both its governance and its potential access to public capital. Also in 2018, IGIS established IGIS Private Equity. This move extended the group’s capabilities into private-equity investing. BlackRock acquired that business in 2021, creating a notable corporate transaction involving a major international asset manager. IGIS retained other investment activities, including IGIS Investment Partners, its venture-capital arm. In 2022, IGIS planned to separate IGIS Investment Partners into a joint venture with KKR. The proposed transaction was delayed after IGIS was placed under investigation by South Korea’s Financial Supervisory Service. By 2024, the transaction was reported to have fallen through, although some employees reportedly departed IGIS for KKR. The episode illustrated the operational and regulatory complexity surrounding the company’s attempt to reorganize its investment businesses. The same period brought significant industry pressure. IREI ranked IGIS as Asia’s second-largest real estate manager by assets under management in 2022, demonstrating the platform’s scale. Yet in 2024, reporting described the firm as being in a serious crisis linked to the real estate-sector downturn, regulatory issues, and weak financial performance. The available account does not establish a definitive endpoint for the company, so IGIS is treated here as active but under material business pressure. Its history is consequently defined by rapid institutional growth, internationalization, diversification into adjacent investment businesses, and governance and financial challenges associated with the cyclical real estate market.
- 2024
KKR transaction is reported to have failed
[1]The planned transaction involving IGIS Investment Partners was reported to have fallen through, with some personnel moving to KKR.
- 2022
IGIS is ranked second in Asia by IREI
[1]IREI ranked IGIS as Asia’s second-largest real estate manager by assets under management.
- 2022
Proposed KKR venture-capital joint venture
[1]IGIS planned to spin off IGIS Investment Partners into a joint venture with KKR, but the plan was delayed amid a regulatory investigation.
- 2021
BlackRock acquires IGIS Private Equity
[1]BlackRock acquired the IGIS private-equity business.
- 2018
IPO process is halted
[1]IGIS filed for a Korea Exchange IPO, but the process stopped after the death of founder Kim Dai Young.
- 2018
IGIS Private Equity is established
[1]The company created a private-equity arm to broaden its investment-management activities.
- 2015
Founder steps down from management
[1]Kim Dai Young left managing duties, with Cho Kab Joo and Andie Kang taking on co-CEO responsibilities.
- 2012
The company adopts the IGIS name
[1]PS Asset Management was rebranded as IGIS Asset Management, a name associated with Integrated Global Investment Solution.
- 2010
PS Asset Management is founded
[1]Kim Dai Young founded PS Asset Management in South Korea as the predecessor to IGIS Asset Management.
Products and positioning
A large, institutionally oriented South Korean real estate investment manager with international offices and capabilities spanning property investment, asset management, private equity, and venture capital.
Asset management · 2010
Real estate investment management
IGIS’s core business is the management of real estate investments and related portfolios. Its platform has included prominent office, hospitality, and commercial properties and has operated across South Korea and international markets. The business involves investment structures and asset-management responsibilities rather than a consumer-facing product line.
Private equity · 2018
IGIS Private Equity
Established in 2018, IGIS Private Equity represented the company’s expansion into private-equity investing. The business was acquired by BlackRock in 2021 and is therefore no longer treated as an independently controlled IGIS offering.
Venture capital
IGIS Investment Partners
IGIS Investment Partners is the group’s venture-capital arm. IGIS planned to separate it into a joint venture with KKR in 2022, but the transaction was delayed during regulatory scrutiny and was reported to have fallen through by 2024.
Controversies
2022
Financial Supervisory Service investigation
IGIS was placed under investigation by South Korea’s Financial Supervisory Service. The investigation delayed a proposed joint venture involving IGIS Investment Partners and KKR. The available reference does not specify the alleged conduct, findings, or penalties.
Brand decisions
2022
Plan a joint venture with KKRM&ABackground
IGIS planned to separate its venture-capital arm, IGIS Investment Partners, into a joint venture with KKR.
Action taken
The proposed transaction was delayed after IGIS became subject to a Financial Supervisory Service investigation.
Aftermath
The transaction was reported to have fallen through by 2024, although some staff reportedly moved to KKR.
2018
Halt the proposed public listingOtherBackground
IGIS had filed for an IPO on the Korea Exchange, but founder Kim Dai Young died in October 2018.
Action taken
The IPO process was stopped and the company underwent an ownership transition.
Aftermath
A reported 45.5 percent shareholding moved to Kim’s wife, while his children did not inherit shares or enter management.
2018
Establish IGIS Private EquityStrategyBackground
IGIS sought to broaden its platform beyond core real estate asset management.
Action taken
The company established IGIS Private Equity.
Aftermath
The business was acquired by BlackRock in 2021.
2012
Rebrand from PS Asset Management to IGIS Asset ManagementStrategyBackground
The predecessor company sought a broader institutional identity for its investment-management activities.
Action taken
PS Asset Management adopted the IGIS Asset Management name.
Aftermath
The IGIS brand became the company’s long-term corporate identity.
Sources1 sources
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